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Aug 01, 2020
Best Buy Q2 2021 Earnings Report
Best Buy's Q2 2021 results were announced, demonstrating strong growth in revenue, comparable sales, and earnings per share amid unprecedented times.
Key Takeaways
Best Buy reported strong Q2 FY21 results, with enterprise revenue increasing by almost 4% despite stores being open by appointment only for the first six weeks of the quarter. The company saw significant growth in domestic online sales and overall comparable sales. GAAP diluted EPS increased by 85%, and non-GAAP diluted EPS increased by 58%.
Enterprise comparable sales increased by 5.8%.
Domestic comparable online sales increased by 242%.
GAAP diluted EPS increased by 85% to $1.65.
Non-GAAP diluted EPS increased by 58% to $1.71.
Best Buy
Best Buy
Best Buy Revenue by Segment
Best Buy Revenue by Geographic Location
Revenue by Segment
Domestic segment Revenue
CapyFin.comInternational segment Revenue
CapyFin.comRevenue by Geographic Location
Domestic Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Best Buy is not providing financial guidance due to ongoing uncertainty. However, they anticipate Q3 sales to be higher compared to last year, but not at the current quarter-to-date growth level of approximately 20%. Q3 SG&A expense is expected to be more in line with last year's third quarter.
Positive Outlook
- Q3 sales are expected to be higher compared to last year.
- The company is encouraged by clarity of purpose and momentum.
- The company is confident regarding its execution and adaptability.
- The company sees opportunities ahead.
- SG&A expense is planned to be more in line with last year’s third quarter.
Challenges Ahead
- Ongoing uncertainty prevents providing financial guidance.
- Sales growth is not expected to continue at the current quarter-to-date level of approximately 20%.
- Potential future government stimulus actions.
- The possible depth and duration of the pandemic.
- The risk of higher unemployment over time.
Revenue & Expenses
Visualization of income flow from segment revenue to net income