Best Buy Enjoys Stellar Q4

The fourth quarter ran smoothly for Best Buy as the company reported sales and income advances while beating a Wall Street earnings estimate.

For the fourth quarter, Best Buy posted net earnings of $745 million, or $2.84 per diluted share, versus $735 million, or $2.69 per diluted share, in the year-prior period. Adjusted for one-time charges, Best Buy reported diluted earnings per share of $2.90 versus diluted earnings per share of $2.72 in the year-past quarter.

Adjusted diluted earnings per share topped a MarketBeat analyst consensus estimate of $2.75.

Revenue was $15.2 billion versus $14.8 billion in the year-earlier quarter. Operating income was $967 million versus $978 million in the year-previous quarter.

Domestic revenue was $13.85 billion versus $13.5 billion in the year-before quarter. Company comparable sales gained 3.2% while domestic comps increased 3.4% in the quarter year over year. Comparable digital sales gained 18.7% from the 2018 quarter.

For the full fiscal year, Best Buy posted net earnings of $1.54 billion, or $5.75 per diluted share, versus $1.46 billion, or $5.20 per diluted share in the year prior. Adjusted earnings per share were $6.07 versus $5.32 in the year past.

Revenue was $43.64 billion versus $42.88 billion, in the year earlier. Operating income was $2.01 billion versus $1.9 billion in the year previous.

Domestic revenue was $40.11 billion versus $39.3 billion in the year before. Company comparable sales gained 2.1% while domestic comps increased 2.3% year over year. Comparable digital sales increased 17% from fiscal 2018.

“We are posting our 12th straight quarter of comparable sales growth and showing our strength as a successful multi-channel retailer who can meet customers when and where they want,” said Corie Barry, Best Buy CEO. “We offered compelling holiday deals that resonated with customers and provided a seamless shopping experience, great inventory availability and fast and free delivery. Across online, home and stores, we are fulfilling our purpose to help enrich people’s lives through technology while also helping technology companies commercialize their product innovations.”