Best Buy (NYSE: BBY) 2Q20 Results: Beats Consensus on EPS, Narrows FY20 Guidance but Cautious on Tariffs and Consumer in Second Half

Executive Summary

• Best Buy reported fiscal 2Q20 Revenues of $9.54 billion, up 1.7% year over year and in line with the consensus estimate. Adjusted EPS was $1.08, up 18.7% year over year and beating the $0.99 consensus estimate.
• Enterprise comps increased 1.6%, missing the 2.1% consensus estimate. Domestic comps increased 1.9%, while international comps declined 1.9%.
• The company narrowed FY20 revenue, comp and adjusted EPS guidance due to the updated tariff situation, better-than-expected earnings and uncertainty regarding consumer purchases in the second half of the year.