Why Best Buy Co. Inc. Stock Plunged Today
Shares of Best Buy Co. Inc. (NYSE: BBY) were down 8% as of 1:15 p.m. EDT Tuesday, after the electronics retailer detailed long-term financial targets that were mixed relative to the market's expectations.
More specifically, at its investor day today, Best Buy reiterated plans to drive $600 million in annualized cost savings between now and the end of fiscal 2021, which would be incremental to the $1.4 billion in savings it already generated over the past five years. In addition, Best Buy aims to deliver fiscal 2021 enterprise revenue of $43 billion (up from $39.4 billion in fiscal 2017), adjusted operating income of $1.9 billion to $2.0 billion (up from $1.7 billion in fiscal 2017), and adjusted earnings per diluted share of $4.75 to $5.00 (good for 8% to 9% compound annual growth from fiscal 2017).
For perspective, analysts' consensus estimates were modeling fiscal 2021 adjusted earnings per share near the high end of that range, albeit on lower annual revenue of $40.73 billion.
Source: Fool.com
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