Daily Stock Market News

BBY Stock: Best Buy Beats Fiscal Q3 Goals

Consumer electronics retailer Best Buy (BBY) on Tuesday beat expectations for its fiscal third quarter amid weakened consumer spending. BBY stock jumped on the news.


The Richfield, Minn.-based company earned an adjusted $1.38 a share on sales of $10.59 billion in the quarter ended Oct. 29. Analysts polled by FactSet had predicted earnings of $1.03 a share on sales of $10.31 billion. On a year-over-year basis, Best Buy earnings sank 34% while sales dropped 11%.

It was Best Buy’s fourth straight quarter of declining sales and earnings on a year-over-year basis.

Best Buy saw sales declines across almost all categories in the third quarter. The biggest drops were in computing and home theater products.

BBY Stock Pops After Report

In morning trading on the stock market today, BBY stock popped 8.6% higher to 76.92.

Chief Executive Corie Barry expressed optimism about the holiday shopping season.

“We are excited about the promotions and values we have planned,” Barry said in a news release. “”We have strategically and effectively managed our inventory flow based on a shopping pattern that we believe looks more similar to historical holiday periods, with customer shopping activity concentrated on Black Friday week, Cyber Monday and the two weeks leading up to Dec. 25.”

BBY stock has a poor IBD Composite Rating of 27 out of 99, according to IBD Stock Checkup. The Composite Rating scores a stock’s key growth metrics against all other stocks regardless of industry group.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.


Apple iPhone Production Snags Could Push $3 Billion In Sales To March Quarter

Graphics-Chip Maker Nvidia Misses Earnings Goal, Beats On Sales

Holiday Season Looking Grim For Consumer Electronics, PC Sales

See Stocks On The List Of Leaders Near A Buy Point

MarketSmith: Research, Charts, Data And Coaching All In One Place

Read More: BBY Stock: Best Buy Beats Fiscal Q3 Goals

You might also like
A note to our visitors

This website has updated its privacy policy in compliance with changes to European Union data protection law, for all members globally. We’ve also updated our Privacy Policy to give you more information about your rights and responsibilities with respect to your privacy and personal information. Please read this to review the updates about which cookies we use and what information we collect on our site. By continuing to use this site, you are agreeing to our updated privacy policy.