Best Buy's third-quarter revenue and profit exceeded expectations! It raised its 2021 revenue forecast!

It is learned that Best Buy's revenue and profit exceeded expectations in the third quarter. Revenue increased by 0.5% year-on-year to $1.191 billion, $290 million higher than expected. Non-GAAP earnings per share of $2.08 increased by 1% year-on-year, 12% higher than expected.

Best Buy achieved excellent performance in the third quarter, and Best Buy raised its comparable sales growth outlook for fiscal 2021 to a range of 10.5% to 11.5%. Best Buy expects revenue in fiscal 2021 to be between $51.8 billion and $52.3 billion, higher than the previous expectation of $51 billion to $52 billion, while the market valuation is around $51.83 billion.

Since the rise of mass retailers such as Walmart and Target, and the emergence of e-commerce giants such as Amazon, brick-and-mortar retailers have been fighting for survival. Best Buy has also been strengthening its competitiveness, investing heavily in creating a more competitive online business, upgrading delivery capabilities, improving omni-channels, and providing more convenient and modern services to buyers.

It is learned that Best Buy, as a multinational retail giant, provides consumer electronics, home office products, entertainment products, appliances and related services through its more than 1,000 stores and a huge online business. The domestic business consists of all operations in the United States, while the international business consists of Canada and Mexico. In 2021, the US business accounted for more than 90% of total revenue. After Best Buy withdrew from the Mexican business a year ago, the business volume in this major market of the United States has been further expanded.

Editor ✎ Estella/

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