Best Buy (BBY) Beat Its Q2 Earnings

Jharonne Martis, Director of Consumer Research at LSEG, comments: “Best Buy Co Inc (NYSE:BBY) beat its Q2 earnings, revenue, and same store sales results. After a strong pandemic sales streak, revenue has come down from its high.

The retailer said, “Our industry continues to experience lower consumer demand due to the pandemic pull forward of tech purchases and the shift back into services spend outside the home, like travel and entertainment.” (Source: BBY Q2 2024 Earnings Call)

The electronics retailer knew it would be a challenging year, and consequently is narrowing its outlook, like many other retailers.”

Here are the Q2 2023 earnings and same store sales estimates for the companies reporting this week:

Exhibit 2: Same Store Sales and Earnings Estimates–Q2 2023

Source: LSEG I/B/E/S

Below is the latest Q2 2023 Retail Earnings Dashboard:

EARNINGS: The Q2 blended earnings growth estimate is 20.3%
- Of the companies in the index that have reported earnings to date for Q2 2023:
- 79% have reported earnings above analyst expectations
- 5% have reported earnings matching analyst expectations
- 16% reported earnings below analyst expectations.

REVENUE: The Q2 blended revenue growth estimate is 3.3%
- 62% reported revenue above analyst expectations
- 38% reported revenue below analyst expectations