Best Buy reports better-than-expected first-quarter results
Best Buy Co., Inc. announced first-quarter sales rose 36% to $11.64 billion for the 13-week period ended May 1, 2021, as compared to $8.56 billion a year earlier. Best Buy’s first-quarter net income rose to $595 million, up from $159 million last year.
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Q1 FY22 |
Q1 FY21 |
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Revenue ($ in millions) |
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Enterprise |
$ |
11,637 |
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$ |
8,562 |
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Domestic segment |
$ |
10,841 |
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$ |
7,915 |
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International segment |
$ |
796 |
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$ |
647 |
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Enterprise comparable sales % change1 |
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37.2 |
% |
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(5.3) |
% |
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Domestic comparable sales % change1 |
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37.9 |
% |
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(5.7) |
% |
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Domestic comparable online sales % change1 |
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7.6 |
% |
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155.4 |
% |
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International comparable sales % change1 |
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27.8 |
% |
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0.2 |
% |
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Operating Income |
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GAAP operating income as a % of revenue |
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6.6 |
% |
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2.7 |
% |
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Non-GAAP operating income as a % of revenue |
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6.4 |
% |
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2.9 |
% |
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Diluted Earnings per Share (“EPS”) |
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GAAP diluted EPS |
$ |
2.32 |
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$ |
0.61 |
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Non-GAAP diluted EPS |
$ |
2.23 |
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$ |
0.67 |
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“Customer demand for technology products and services during the quarter was extraordinarily high,” said Corie Barry, Best Buy CEO. “This demand is being driven by continued focus on the home, which encompasses many aspects of our lives including working, learning, cooking, entertaining, redecorating, and remodeling. The demand was also bolstered by government stimulus programs and the strong housing environment. Our teams across the organization met the demand with remarkable execution. From our merchant and supply chain teams working behind the scenes to our Blue Shirts and Geek Squad agents on the front lines – our employees once again showed amazing flexibility and execution managing extraordinary volumes. Most importantly, they provided exceptional customer service in a safe environment.”
Financial Outlook
“The year has clearly started out much stronger than we originally expected,” said Matt Bilunas, Best Buy CFO. “The sales momentum is continuing into Q2 and we are raising our annual comparable sales growth outlook. As we think about the back half of this year, we expect shopping behavior will evolve as customers are able to spend more time on activities like eating out, traveling and other events. It is difficult to know exactly how that impacts our business, especially as we lap particularly strong sales in the back half of last year. Therefore, at this time, we are leaving our original FY22 back-half sales assumptions unchanged.”