LONDON, April 1, 2015 /PRNewswire/ --
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Investor-Edge.com has issued free earnings coverage on Best Buy Co. Inc. (NYSE: BBY). On March 03, 2015, the company reported its financial results for Q4 FY15 and FY15 (period ended January 31, 2015). Click on http://get.Investor-Edge.com/pdf/?c=Best%20Buy&d=01-Apr-2015&s=BBY to read our free earnings review on Best Buy Co. Inc. (Best Buy). In Q4 FY15 and full-year FY15, the company's revenue (excluding China) stood at $14.21 billion and $40.34 billion, respectively. President and CEO of Best Buy, Hubert Joly, stated that in Q4 FY15, the company's teams delivered positive comparable sales, improved profitability and continued progress in its Renew Blue transformation, which resulted in a 1.3% increase in revenue and a 23% increase in non-GAAP diluted EPS to $1.48 versus $1.20 last year, primarily driven by growth in the Domestic segment. Our free coverage report can be accessed at:
http://get.Investor-Edge.com/pdf/?c=Best%20Buy&d=01-Apr-2015&s=BBY
Earnings Overview
During Q4 FY15, Best Buy's revenue slightly missed Bloomberg analysts' forecasts of $14.34 billion. Best Buy's domestic revenue grew 3.2% in Q4 FY15 to $12.70 billion from $12.30 billion in Q4 FY14. However, the company's International revenue decreased 12.4% in the reported quarter to $1.51 billion from $1.73 billion in Q4 FY14. Free research on BBY can be downloaded in PDF format at:
http://get.Investor-Edge.com/pdf/?c=Best%20Buy&d=01-Apr-2015&s=BBY
For Q4 FY15, Best Buy's GAAP operating income increased to $810 million from $452 million in Q4 FY14. GAAP net earnings attributable to Best Buy's shareholders rose to $519 million, or $1.46 per diluted share, in Q4 FY15 from $293 million, or $0.83 per diluted share, in Q4 FY14. Analysts from Bloomberg had expected the company to report earnings of $474 million, or $1.35 per diluted share, in Q4 FY15. Further, on a non-GAAP basis, the company's Q4 FY15 net income increased to $526 million from $424 million in Q4 FY14.
In FY15, Best Buy's revenue (excluding China) fell by $272 million Y-o-Y from $40.61 billion in FY14. The company's FY15 revenue missed Bloomberg analysts' forecasts of $41.74 billion. Best Buy's domestic revenue grew to $36.06 billion in FY15 from $35.83 billion in FY14. Moreover, the company's FY15 International revenue came in at $4.28 billion compared to $4.78 billion in FY14.
During FY15, Best Buy's GAAP operating income increased to $1.45 billion from $1.14 billion in FY14. GAAP net earnings attributable to Best Buy's shareholders surged to $1.23 billion, or $3.49 per diluted share, in FY15 from $532 million, or $1.53 per diluted share, in FY14. Analysts from Bloomberg had expected the company to report earnings of $1.19 billion, or $3.38 per diluted share, in FY15. On a non-GAAP basis, the company's FY15 net income improved to $918 million, or $2.60 per diluted share, from $721 million, or $2.07 per diluted share, in FY14. Sign up and read the free analyst's notes on BBY at:
http://get.Investor-Edge.com/pdf/?c=Best%20Buy&d=01-Apr-2015&s=BBY
Best Buy completed the sale of Five Star business in China on February 13, 2015, as per the previously announced definitive agreement entered on December 04, 2014.
EVP, CAO and CFO at Best Buy, Sharon McCollam, said that from a non-GAAP operating income rate perspective, the company is reiterating its outlook for Q1 FY16 and Q2 FY16 of down approximately 30 to 50 basis points, including lapping last year's Q1 FY15-basis point one-time benefit associated with the new credit card agreement. Additionally, Best Buy expects Q1 and Q2 non-GAAP continuing operations effective income tax rate to be in the range of 39% to 40%, she added.
On March 03, 2015, in a separate press release, Best Buy's Board of Directors approved a special, one-time dividend of $0.51 per share, or approximately $180 million, related to the net after-tax proceeds from LCD-related legal settlements received in the last three fiscal years. The Board also increased the regular quarterly dividend by 21% to $0.23 per share. The special cash dividend and the regular quarterly cash dividend will be payable on April 14, 2015 to shareholders of record as of the close of business on March 24, 2015. Further, the Board announced resumption of share repurchases under the existing $5 billion authorization, with the intent to repurchase $1 billion worth of shares over the next three.
Stock Performance
On the day of the earnings release, March 03, 2015, Best Buy's stock gained 1.42% to end the session at $39.18. Since then, the stock has moved both ways. On the last close, Tuesday, March 31, 2015, shares of the company finished at $37.79, down 2.48%, after vacillating between $37.75 and $38.71. A total of 5.48 million shares were traded, which was below its three months average volume of 6.04 million shares. The stock has fallen by 1.84% in the previous three months. However, over the last one month and the past one year, the company's shares have gained 0.42% and 44.88%, respectively.
Sneak Peek to Corporate Insider Trading
In the last one month, Best Buy has reported only one transaction by an insider. On March 12, 2015, R. Michael (Mike) Mohan, Chief Merchandising Officer at Best Buy, sold 1,769 shares at an average price of $40.85 per share and with the transactions amounting to $72,264. Complimentary in-depth research on BBY is available at:
http://get.Investor-Edge.com/pdf/?c=Best%20Buy&d=01-Apr-2015&s=BBY
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