Best Buy Co. Inc. on May 23 provided new guidance for the second quarter of fiscal 2020, as it reported fiscal first-quarter earnings that exceeded analysts' expectations and maintained its outlook for fiscal 2020.
For the second quarter of fiscal 2020, Best Buy forecasts non-GAAP diluted EPS between 95 cents and $1, and enterprise revenue between $9.5 billion and $9.6 billion. The retailer expects enterprise comparable sales growth between 1.5% and 2.5%.
Non-GAAP diluted EPS for the quarter ended May 4, grew 24% to $1.02 from 82 cents in the year-earlier quarter, beating the mean consensus estimate for normalized EPS of 87 cents, according to data compiled by S&P Global Market Intelligence.
Revenue for the first quarter rose to $9.14 billion from $9.11 billion in the year-earlier quarter. Best Buy's domestic revenue grew 0.8% to $8.48 billion driven by 1.3% growth in comparable sales and revenue from GreatCall Inc., a mobile health company Best Buy acquired in fiscal 2019. Revenue from the retailer's domestic online business grew 14.5% to $1.31 billion, driven by higher average order values and increased traffic.
For fiscal year 2020, the retailer continues to expect non-GAAP diluted EPS between $5.45 and $5.65 and enterprise revenue between $42.9 billion and $43.9 billion. Comparable sales are expected to grow between 0.5% and 2.5%.