Best Buy has strong 3Q, raises EPS outlook

Best Buy posted strong third quarter results today with solid increases in both earnings and revenue.

The company reported net earnings of $228 million, or 53 cents per diluted share, for its third quarter ended Dec. 1. This represents an increase of 71% over net earnings of $150 million, or 31 cents per diluted share, for the same period last year. According to Best Buy, the EPS growth was driven by a 17% increase in total revenue to $9.9 billion and a 6.7% comparable-store sales gain.

“We are very encouraged by the strengthening we’re seeing in our customer relationships as well as our solid financial performance,” said Brad Anderson, vice chairman and ceo of Best Buy. “The loyalty that our employees are building with customers will enable us to expand those relationships into new areas of growth in the future. Our employees should be proud of their performance in the quarter. It gives us momentum for the next leg of our growth journey. This is truly a very exciting time in our industry -- for our customers and for our company.”

Best Buy said that due to its favorable third quarter performance, it now expects greater earnings growth for the year. The company now anticipates annual earnings per diluted share to be in the range of $3.10 to $3.20.