Best Buy (NYSE: BBY) 1Q20 Results: Beats Consensus on Comps and EPS, CEO to Change in June, Reiterates 2020 Guidance

Executive Summary

• Best Buy reported fiscal 1Q20 Revenues of $9.14 billion, up 0.4% year over year and in line with the consensus estimate. Adjusted EPS was $1.02, up 24.4% year over year and beating the $0.87 consensus estimate.
• Enterprise comps increased 1.1%, beating the 1.0% consensus estimate. Domestic comps increased 1.3%, while international comps declined 1.2%.
• The company reiterated FY20 revenue guidance of $42.9-43.9 billion (flat to up 2%) and adjusted EPS of $5.45-5.65 (up 2-6%).