Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Best Buy Raises Diluted EPS Guidance
Aug 7, 2003
 Printable format
 Email this Article
 Search

Best Buy Co., Inc. raised its estimate for second-quarter diluted earnings per share from continuing operations to a new range of U.S. $0.37 to $0.42, compared with analysts' consensus of $0.30 per share. The company's prior guidance, which was originally provided on June 18, was a range of $0.27 to $0.32 per share for the quarter, which ends on Aug. 30, 2003. The company reported earnings from continuing operations of $79 million, or $0.24 per diluted share, for last year's second quarter, which ended on Aug. 31, 2002.

"Strong comparable store sales growth, increasing gross profit rates, and diligent cost controls all are contributing to the higher earnings guidance from continuing operations for the second quarter and for the fiscal year," said Darren Jackson, executive vice president and chief financial officer. "In addition, consumers continue to migrate to higher-margin products, such as digital TVs. The gross profit rate from continuing operations is the largest contributor to the improved outlook. The gross profit rate is expected to increase by at least 70 basis points for the current period, compared with 24.9 percent of revenue in the second quarter of fiscal 2003." The company's prior earnings guidance had contemplated no change in the gross profit rate for the second quarter. Mr. Jackson noted that the company's selling, general, and administrative expense rate is improving, and comparable store sales are still on pace to grow by the mid-single digits for the quarter.

The company is expected to announce its second-quarter sales on Sept. 4, 2003 and its second-quarter earnings on Sept. 17, 2003. Best Buy's quarterly financial results and news releases can be found on the company's Web site, www.BestBuy.com.

Back to Daily News

 

Daily News

...........................................................

Nov 21, 2014: Electrolux: new U.S. fridge efficiency requirements are more complex than anticipated

Nov 21, 2014: Whirlpool brand launches Perceptions of Care video

Nov 21, 2014: Hon Hai 3Q profit $1 billion

Nov 21, 2014: Environmental Product Declarations for aluminum product types released

Nov 20, 2014: Report: Drop in affluents' consumer confidence may foretell signal trouble ahead for some retailers

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

November 2014: U.S. Appliance Industry: Market Value, Life Expectancy & Replacement Picture 2014
October 2014: Portrait of the European Appliance Industry
September 2014: Appliance Industry Focus: HVAC
June 2014: Appliance Magazine Market Insight: April 2014




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows