During 1Q18, $BBY grew Enterprise comparable sales by 1.6%, improved adjusted operating income rate by 70BP to 3.5% and delivered adjusted diluted EPS of $0.60, up 40% compared to 1Q17. Revenue was higher than expectations due to strong performance in gaming and better-than-expected results in mobile.
During the Thanksgiving weekend, a large number of consumers turned to their smartphones and computer screens for their shopping needs. Amazon, as expected, gobbled up a lion's share of the online transactions. Lets take a look at the other retailers that made a killing last weekend. $TGT $WMT $AMZN $KSS $M $COST $BBY $GME $HD $LOW
$BBY continues to see traffic decline as customers tend to buy online and tend to focus their trips to the store for more discovery. Meanwhile, the company added that it is seeing an increase in the basket or the average order value in the stores.
$BBY raised its FY18 revenue growth outlook to 4.0 - 4.8% vs the previous outlook of 4.0%. The consumer electronics company also raised its non-GAAP operating income growth outlook to 7.0 - 9.5%, compared to the prior outlook of 4.0 - 9.0%.
$BBY reported 30% jump in 3Q18 EPS to $0.78. Net income for the quarter rose to $239MM from $194MM a year ago, as revenue improved 4% to $9.32Bil. On an adjusted basis, EPS from continuing operations increased to $0.78 compared to $0.60 a year ago. Meanwhile, comparable sales grew 4.4% during the quarter.
With $BBY reporting better same store sales last week due to surging electronics sales, the retail chain posted its 2Q18 results with diluted EPS from continuing operations jumping 20% to $0.67. Net earnings from continuing operations for the quarter was $209MM on a net revenue of $8.94Bil.
$BBY's Enterprise revenue increased 1% to $8.5Bil in 1Q18. The increase in Enterprise adjusted diluted EPS was driven by higher gross profit rate in the domestic business, the flowthrough of higher domestic revenue and a $0.02 per share benefit from the net share count change.
In 1Q18, $BBY achieved $50MM in annual cost reductions and gross profit optimization. The company has now reached its $400MM target three fiscal quarters ahead of its original deadline. $BBY is announcing a new target of $600MM in additional cost reduction and gross profit optimization to be completed by the end of FY21.
During 1Q18, $BBY grew Enterprise comparable sales by 1.6%, improved adjusted operating income rate by 70BP to 3.5% and delivered adjusted diluted EPS of $0.60, up 40% compared to 1Q17. Revenue was higher than expectations due to strong performance in gaming and better-than-expected results in mobile.
$BBY now sees 2Q18 Enterprise revenue of $8.6-8.7Bil, with an Enterprise comparable sales change of 1.5-2.5%. Domestic comparable sales change is expected in the range of 1.5% to 2.5%, while that of International is touted to be flat to 3.0%. The retail chain expects non-GAAP diluted EPS of $0.57 to $0.623 in the coming quarter.
