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Best Buy beats Q1 earnings estimates, provides Q2 guidance

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%.