Best Buy Inc. (NYSE: BBY), the consumer electronics retailer that despite the closing of rival Circuit City still faces stiff competition and consumer pullback, is scheduled to discuss its fiscal second-quarter 2010 results Tuesday in a conference call at 10:00 AM ET. You can catch the live webcast of the call on the company's website.
For the three months that ended in August, during which Best Buy got a new CEO, announced expansion plans, and declared a quarterly dividend, analysts surveyed by Thomson Reuters expect the Minnesota-based company to report that its earnings fell 12.5% from a year ago to $0.42 per share. But revenue for the quarter is expected to be 9.9% higher to $10.8 billion.
Analysts so far expect sequentially a lower profit and but higher sales in the third quarter. And for the full year, they are looking for $2.87 per share (about the same as a year ago) on $47.8 billion (+6.1%). Best Buy has topped earnings expectations in four of the past five quarters, by as much as 21 cents per share.
The long-term EPS growth forecast is 13.2%, which is better than that of rival Wal-Mart Stores Inc. (NYSE: WMT), and the earnings multiple is 13x, the same as the retail industry average. The First Call consensus recommendation remains to by BBY; Schaeffer's sees a lot of interest in Best Buy ahead of the report, but TheStreet.com remains cautious.
Best Buy shares have risen about 44% year to date, recently reaching a nine-month high of $41.48. But shares are still about 9% lower than a year ago.
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