|By PR Newswire||
|September 4, 2014 09:10 AM EDT||
LONDON, September 4, 2014 /PRNewswire/ --
Investor-Edge.com has issued free earnings briefing and analysis on Best Buy Co. Inc. (NYSE: BBY). The company reported its results for Q2 FY15 on Tuesday, August 26, 2014. During Q2 FY15, Best Buy's non-GAAP EPS from continuing operations increased $0.12 from Q2 FY14, while its comparable sales declined 2.7% Y-o-Y. Our free coverage report can be accessed at:
During Q2 FY15, Best Buy reported revenue of $8.90 billion, compared with $9.27 billion, in the prior year quarter. Analysts from Bloomberg were anticipating revenue of $8.98 billion in Q2 FY15. During the reported quarter, the company's non-GAAP diluted EPS from continuing operations rose to $0.44, from $0.32 in Q2 FY14, while its GAAP diluted earnings from continuing operations fell to $0.42 per share, from $0.69, in the year ago period. Analysts at Bloomberg were expecting the company to report GAAP diluted earnings of $0.31 per share, during the reported quarter. Best Buy's domestic revenue declined 2.4% Y-o-Y to $7.59 billion in Q2 FY15, which was mainly driven by a comparable sales decline of 2.0% and a revenue decline of 25 basis points, due to the less favorable economics of the new credit card agreement. Additionally, on July 03, 2014, the company paid a quarterly dividend of $0.17 per common share outstanding, or $59 million. The free research on BBY can be downloaded as in PDF format at:
The company's domestic SG&A expenses for the reported quarter stood at $1.52 billion, or 20.1% of revenue, compared to $1.70 billion, or 21.9%, in Q2 FY14. On a non-GAAP basis, Best Buy's domestic SG&A expense for Q2 FY15 stood at $1.51 billion, or 19.9% of revenue, compared to $1.66 billion, or 21.3% of revenue, in the previous year quarter. The rate decline was primarily driven by the realization of Renew Blue cost reduction initiatives and tighter expense management throughout the company. During Q2 FY15, the company's International revenue declined 12.1% Y-o-Y to $1.31 billion, attributable to a comparable sales decline of 6.7% driven by China, Canada, and Mexico, the negative impact of foreign currency exchange rate fluctuations and the loss of revenue from the closure of large-format store in China. Further, Best Buy's International SG&A expenses for Q2 FY15 stood at $291 million, or 22.2% of revenue, compared to $334 million, or 22.4% of revenue, in Q2 FY14.
Best Buy Co. Inc.'s President and CEO, Hubert Joly, stated that the company's Renew Blue cost reduction and other SG&A cost containment initiatives drove better-than-expected results. In addition, he said that the company witnessed a shift in consumer behaviour during the quarter, as consumers now increasingly research and purchase online. While this led to a continuous decline in traffic at the company's brick and mortar stores, its in-store conversion and online traffic continued to increase due to the implementation of Renew Blue strategy which is in direct alignment with this shift. Joly concluded saying that the company is looking ahead to create a differentiated multi-channel customer experience such that every interaction customers have with the company makes them a promoter of the Best Buy brand. To support this, Best Buy Co. Inc. will be intensifying investments in customer-facing initiatives across both channels in the second half of 2014. Sign up and read the free analyst's notes on BBY at:
Further, Sharon McCollam, EVP, CAO and CFO of the company, commented that industry-wide sales are continuing to decline in many of its competing consumer electronics categories. The company is also witnessing the ongoing softness in the mobile phone category ahead of highly-anticipated new product launches. As a result, without any change in declining industry trends and with limited visibility to new product launch quantities, the company continues to expect comparable sales to decline by low-single digits in the third and fourth quarters.
On the day of the earnings release, August 26, 2014, Best Buy Co. Inc.'s stock took a beating of 6.85%, and ended the session at $29.80. The stock has recovered since then, although, on the last close, Wednesday, September 03, 2014, it finished 0.38% lower at $31.23. The stock vacillated between $31.08 and $31.51 during the session. A total of 2.99 million shares were traded, which was below its three months average volume of 4.49 million shares. Over the previous three trading sessions and from the beginning of 2014, the company's shares have declined 3.13% and 21.69%, respectively. However, the stock has advanced 7.06% over the last one month. Best Buy Co. Inc.'s shares are trading above their 50-day and 200-day moving averages of $30.49 and $30.10, respectively. Further, the stock traded at a PE ratio of 23.62 and has a Relative Strength Index (RSI) of 54.38. Visit Investor-Edge and access the latest research on BBY at:
Sneak Peek to Corporate Insider Trading
On August 28, 2014, Mr. Richard M Schulze, Founder of Best Buy, sold 1,600 shares, worth $50,890.10 at a price of $31.81 per share. Complimentary in-depth research on BBY is available at:
At Investor-Edge, we provide our members with a simple and reliable way to leverage our economy of scale. Most investors do not have time to track all publicly traded companies, much less perform an in-depth review and analysis of the complexities contained in each situation. That's where Investor-Edge comes in. We provide a single unified platform for investors' to hear about what matters. Situation alerts, moving events, and upcoming opportunities.
1. This is not company news. We are an independent source and our views do not reflect the companies mentioned.
2. Information in this release is produced on a best efforts basis by Rohit Tuli, a CFA charterholder. The content is then further fact checked and reviewed by an outsourced research provider. However, we are only human and are prone to make mistakes. If you notice any errors or omissions, please notify us below.
3. This information is submitted as a net-positive to companies mentioned, to increase awareness for mentioned companies to our subscriber base and the investing public.
4. If you wish to have your company covered in more detail by our team, or wish to learn more about our services, please contact us at pubco [at] http://www.investor-edge.com.
5. For any urgent concerns or inquiries, please contact us at compliance [at] http://www.investor-edge.com.
6. Are you a public company? Would you like to see similar coverage on your company? Send us a full investors' package to research [at] http://www.investor-edge.com for consideration.
Content is researched, written and reviewed on a best-effort basis. This document, article or report is prepared and authored by Investor-Edge, represented by Rohit Tuli, CFA. An outsourced research services provider has only reviewed the information provided by Investor-Edge in this article or report according to the procedures outlined by Investor-Edge. Investor-Edge is not entitled to veto or interfere in the application of such procedures by the outsourced provider to the articles, documents or reports, as the case may be.
NOT FINANCIAL ADVICE
Investor-Edge makes no warranty, expressed or implied, as to the accuracy or completeness or fitness for a purpose (investment or otherwise), of the information provided in this document. This information is not to be construed as personal financial advice. Readers are encouraged to consult their personal financial advisor before making any decisions to buy, sell or hold any securities mentioned herein.
NO WARRANTY OR LIABILITY ASSUMED
Investor-Edge is not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted by Investor-Edge whatsoever for any direct, indirect or consequential loss arising from the use of this document. Investor-Edge expressly disclaims any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Investor-Edge does not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
Jan. 19, 2017 03:30 AM EST Reads: 360
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jan. 19, 2017 01:15 AM EST Reads: 6,096
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackIQ...
Jan. 19, 2017 01:15 AM EST Reads: 7,796
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
Jan. 19, 2017 01:00 AM EST Reads: 1,278
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 19, 2017 12:45 AM EST Reads: 4,691
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
Jan. 19, 2017 12:00 AM EST Reads: 4,176
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Jan. 18, 2017 11:15 PM EST Reads: 4,473
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
Jan. 18, 2017 09:45 PM EST Reads: 6,517
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
Jan. 18, 2017 09:30 PM EST Reads: 5,747
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Jan. 18, 2017 09:30 PM EST Reads: 7,635
In their general session at 16th Cloud Expo, Michael Piccininni, Global Account Manager - Cloud SP at EMC Corporation, and Mike Dietze, Regional Director at Windstream Hosted Solutions, reviewed next generation cloud services, including the Windstream-EMC Tier Storage solutions, and discussed how to increase efficiencies, improve service delivery and enhance corporate cloud solution development. Michael Piccininni is Global Account Manager – Cloud SP at EMC Corporation. He has been engaged in t...
Jan. 18, 2017 08:15 PM EST Reads: 4,881
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Jan. 18, 2017 07:30 PM EST Reads: 3,151
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus o...
Jan. 18, 2017 06:15 PM EST Reads: 4,201
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
Jan. 18, 2017 05:30 PM EST Reads: 4,891
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Jan. 18, 2017 05:00 PM EST Reads: 1,174