Best Buy Sees Q3 Adj. EPS Below View, Lifts FY Outlook; Stock Down

(RTTNews) - Best Buy Co., Inc. (BBY) said that it expects non-GAAP earnings per share for the third-quarter to be in the range of $0.79 to $0.84, enterprise comparable sales growth of 2.5% to 3.5%, and enterprise revenue of $9.4 billion to $9.5 billion. Analysts polled by Thomson Reuters expect the company to report earnings of $0.92 per share for the third-quarter. Analysts' estimates typically exclude special items.

In Tuesday pre-Market trade, BBY is trading at $77.05, down $4.61 or 5.65%.

Hubert Joly, Best Buy's chairman and CEO said, "As a result of the strong performance in the first half of the year and our updated expectations for the back half, we are raising our full-year sales and earnings guidance."

For fiscal year 2019, the company now expects comparable sales growth of 3.5% to 4.5% versus original guidance of flat to growth of 2.0%, and it raised its expectation for its non-GAAP earnings per share to a range of $4.95 to $5.10 from the original guidance of $4.80 to $5.00. It expects annual enterprise revenue of $42.3 billion to $42.7 billion.