Best Buy Co., Inc. (NYSE:BBY) Q2 2021 Earnings Conference Call - Final Transcript

Aug 25, 2020 • 08:00 am ET


Best Buy Co., Inc. (NYSE:BBY) Q2 2021 Earnings Conference Call - Final Transcript


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Welcome to Best Buy Q2 Fiscal 2021 Earnings Call. [Operator Instructions]. As a reminder, this call is being recorded for playback and will be available by approximately 11:00 AM Eastern Time today. [Operator Instructions].

I would now like to turn the conference over to Mollie O'Brien, Vice President of Investor Relations. Please go ahead.

Mollie O'Brien

Thank you and good morning everyone. Joining me on the call today are Corie Barry, our CEO; Matt Bilunas, our CFO; and Mike Mohan, our President and COO. During the call today, we will be discussing both GAAP and non-GAAP financial measures, a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures and an explanation of why these non-GAAP financial measures are useful, can be found in this morning's earnings release, which is available on our website,

Some of the statements we will make today are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may address the financial condition, business initiatives, growth plans, investments and expected performance of the company, and are subject to risks and uncertainties, that could cause actual results to differ materially from such forward-looking statements. Please refer to the company's current earnings release and our most recent 10-K for more information on these risks and uncertainties. The company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances, that may arise after the date of this call.

I will now turn the call over to Corie. Good morning everyone and thank you for joining us. Today, we are reporting strong quarterly results and we are encouraged to see the customer demand for our products and services and proud of the amazing execution of our teams to these unprecedented times. However, we have not lost sight of the fact that people continue to suffer, and we extend our sympathy to all those who have lost some someone to this virus, are sick with COVID-19, or are facing financial hardship, as a result of the pandemic. From the very start of this crisis, we have been focused on guiding the business with two goals in mind. First, ensuring the health and safety of our customers and employees, while participating in the employee experience as much as possible. And second, making certain we come out of this moment a strong innovative company. The results we're reporting today would not be possible without the effort and energy of our front-line employees working in our stores, supply chain facilities and customers' homes. I want to thank all our employees for their tremendous commitment to our customers, and for living our purpose, to enrich lives through technology. They are navigating not only the impacts of the pandemic, but also fires, hurricanes and civil unrest. Their willingness, even enthusiasm, to continually adapt, as we manage through the evolving environment, has been extraordinary. For our second quarter, we are reporting revenue of $9.9 billion, which is growth of approximately 4% from the