Business

Best Buy stock jumps after fourth-quarter earnings beat estimates


Retail chain Best Buy Co (BBY) announced its fourth-quarter 2019 results before the market opened on Feb. 27, fresh out of the holiday season.


The Minnesota-based electronics retailer was expected to post earnings of $2.57 a share on revenue of about $14.7 billion.


Including this period, Best Buy has now beaten market estimates for five straight quarters.


In addition to these great financial results, we made significant progress implementing our Best Buy 2020 strategy to enrich lives through technology and further develop our competitive differentiation,” said Best Buy CEO Hubert Joly.


Best Buy CFO Corie Barry weighed in, “Going forward, our priority in fiscal 2020 is to continue to transform the company by bringing to market solutions that solve real customer needs and by building customer relationships.


From a financial perspective, we expect to drive top-line growth while holding our non-GAAP operating income rate constant – reflecting our continued focus on balancing investments in our strategy, pressures in the business and cost takeout.”






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