Best Buy Reports Q4 Earnings Beat, Retailer Closely Monitoring Coronavirus Outbreak

Best Buy BBY posted fourth-quarter earnings of $2.90 cents per share on Thursday, beating the analyst consensus estimate of $2.75 by 5.45%.

This is a 6.62% increase over earnings of $2.72 per share in the same period last year.

The company reported quarterly sales of $15.196 billion, beating the analyst consensus estimate of $15.06 billion by 0.9%. This is a 2.67% increase over sales of $14.801 billion the same period last year.

Best Buy sees first-quarter enterprise sales of $9.1 billion to $9.2 billion and adjusted EPS of $1-$1.05 versus the $1.01 estimate.

The company sees fiscal year 2021 enterprise sales of $43.3 billion to $44.3 billion and adjusted EPS of $6.10-$6.30 versus the $6.25 Street estimate.

"As we enter FY21, we are closely monitoring the developments related to the coronavirus outbreak,” CFO Matt Bilunas said in a statement.

“This is a very fluid situation, which makes it difficult to determine exact financial impacts from disruptions in supply chain. Based on what we know today, we have assumed the majority of the impacts occur in the first half of the year. Therefore, we view this as a relatively short-term disruption that does not impact our long-term strategy and initiatives. Our guidance ranges for both Q1 and the full year reflect our best estimates of the impacts at this time." 

Best Buy shares were down 0.58% at $81.70 at the time of publication in Thursday's premarket session. 

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