The Miami Entrepreneur

: Best Buy’s stock slides premarket after revenue miss and as retailer lowers guidance

Best Buy Co. Inc.’s stock BBY fell 2.4% in premarket trade Tuesday, after the electronics retailer posted weaker-than-expected third-quarter revenue and lowered guidance to reflect a choppy and uncertain environment. The company had net income of $263 million, or $1.21 a share, for the quarter, down from $277 million, or $1.22 a share, in the year-earlier period. Adjusted per-share earnings came to $1.29, ahead of the $1.19 FactSet consensus. Revenue fell to $9.756 billion from $10.587 billion a year ago, below the $9.897 billion FactSet consensus. Enterprise same-store sales fell 6.9%. “In the more recent macro environment, consumer demand has been even more uneven and difficult to predict,” CEO Corie Barry said in a statement. “Based on the sales trends in Q3 and so far in November, we believe it is prudent to lower our annual revenue outlook.” The company now expects full-year revenue to range from $43.1 billion to $43.7 billion, compared to prior guidance of $43.8 billion to $44.5 billion. It expects adjusted EPS of $6.00 to $6.30 vs. prior guidance of $6.00 to $6.40. The stock has fallen 15% in the year to date, while the S&P 500 SPX has gained 18%.

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