Best Buy Reports Strong Q2 Results, But Shares Plummet 5%
Best Buy Co., Inc. (NYSE:BBY) shares plunged more than 5% on Wednesday despite better-than-expected Q2 results and reaffirmed guidance for the balance of 2022.
Q2 EPS came in at $1.54, better than the Street estimate of $1.29. Revenue was $10.33 billion, compared to the Street estimate of $10.29 billion.
The company expects Q3 comp to decline slightly greater than Q2 levels of (12.1%). On a three-year-stacked basis, Q3 guidance implies comps of 11–13%.
While the analysts at Oppenheimer look favorably upon longer-term prospects for the company and admire the efforts of management to reposition the company, they recommend investors await clearer indications of top-line recovery, before moving into shares.
| Symbol | Price | %chg |
|---|---|---|
| BELI.JK | 456 | -0.88 |
| MAPA.JK | 870 | -0.57 |
| ACES.JK | 845 | -0.59 |
| BUKA.JK | 128 | 0.78 |
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