best buy q2 earnings

"This is an acceleration of business at phenomenal proportions, and we are working closely with our vendor-partners to catch this trend as fast as we can and get ourselves back into a healthier inventory position," she said. There's been different things we're doing in the store and the 200 stores are going to be hubs for the online -- for online deliveries. During the first half of the year, in responding of the pandemic, we made decisions across all these operating models that stressed safety. We were a pioneer in this whole idea of buy online and pick up in store, which allowed us to be the first major retailer to figure out how do we ship from store. So, it's a little bit the best of both worlds, which is why we're so experientially focused on creating the environment, both safety and choice, that will make us appealing for all customers. I would say as you move from SG&A into Q3, the sequential change, as we talked about, was really looking at increasing store labor hours with the assumption that stores will be open to customer traffic for the whole quarter. It has also allowed us to expedite some planned strategic changes that will set us up to emerge from this time even stronger. Then there was a wave of strong back-to-school sales as parents prepared their kids for remote learning, and customers rushed to stores to spend stimulus checks or discretionary dollars they would typically use for dining out or traveling. Gross profit as a percentage of sales declined 100 basis points compared to last year, which partially offset the SG&A favorability. And with that, I want to thank you all for taking the time to join us today, and we look forward to chatting with you next quarter. [Operator instructions] We will begin with Steve Forbes with Guggenheim Securities. While we expected product constraints as we entered the quarter, the stronger-than-anticipated demand as we opened our stores for shopping resulted in more constrained products' availability than we expected. For the fiscal Q2 ended Aug. 1, Best Buy also reports: Total revenue of $9.91 billion, up 3.9% from $9.54 billion in Q2 2019. Said differently, people are using technology to address their needs in ways they never contemplated before, and we play a vital role in bringing tech to life for both customers and our vendor partners. You repaid your entire revolving credit facility. And as we go forward, we'll obviously be looking at how to improve the efficiency of whichever channel we have. We are planning for Q3 sales to be higher compared to last year, but likely will not continue at the current level of approximately 20%. And next we'll hear from Brian Nagel with Oppenheimer. And obviously, the environment that we find ourselves in only reinforces that strategy. Best Buy (BBY) Q2 Earnings & Sales Beat Estimates, Up Y/Y. But as a result of the pandemic, we expect it will be higher than it has been historically. On a year-over-year basis, Best Buy earnings rose 58% while sales climbed nearly 4%. Best Buy posted strong second-quarter earnings, as it benefited from stay-at-home trends during the pandemic, such as cooking, learning and working from home. From the very start of this crisis, we have been focused on guiding the business with two goals in mind: First, ensuring the health and safety of our customers and employees while protecting the employee experience as much as possible. And I know it's early, but does that make you sort of rethink -- how do you think about what's the right number of stores going forward if you think a lot of this online shift is going to be permanent? Please go ahead. These locations were chosen for their space, proximity to carrier partners and ability to support same and next-day delivery. Good morning. I'd say over the years in online, we've actually been improving our gross margin rates. The company has tapped Deborah DiSanzo as president of Best Buy Health. Matt McClintock -- Raymond James -- Analyst. Let's conquer your financial goals together...faster. Quarterly Results. Thank you. I would now like to provide some additional details on our Q2 results. And as has been our brand for years, we will continue to look for cost efficiencies to help improve our cost basis. Listen to webcast As we look forward, the environment is still evolving and our operating model and supporting cost structure is evolving as well. We're powered by the belief that our people matter most and diverse perspectives make us better. Mollie O'Brien -- Vice President of Investor Relations. So, I wanted to dig in on some of the category trends that you're seeing in August -- or July and August, whatever you think is a better lens to look at it through. I actually had just two quick follow-up questions to some that have already been asked. "It's not about less stores," she said. Our Q2 non-GAAP earnings per share were $1.71 compared to $1.08 last year. And then, just for my follow-up. We continue to expand our assortment of health-related products and, looking forward, see this as an area of technology innovation we are uniquely well suited to help customers navigate. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. So, are you seeing home theater and TV up? Data is a real-time snapshot *Data is delayed at least 15 minutes. I will now turn the call over to the operators for questions. And we're one of the leaders in a new public-private partnership called ConnectedMN that will provide computers and Internet access to thousands of youth in our home state. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Now, I would like to turn the call over to Matt for more details on our Q2 financial results. Overall, on an annual basis, the EBIT levels of both of those channels are actually pretty similar. And I think our key is that we continue to remain incredibly focused on providing the experience that we would expect seamlessly across the channels, still with an emphasis on safety. We are executing well and also clearly seeing benefit from the need for people to connect, work, learn, cook and entertain at home. Online sales shot up 242% in the U.S. compared with the prior year, as the website drew higher traffic and more people converted from browsing to buying. We wanted to ask about the acceleration that you're seeing in sales in August. Our Q2 non-GAAP operating income rate of 5.9% expanded almost 200 basis points from last year due to materially lower SG&A expense. Best Buy Co (NYSE: BBY) releases its next round of earnings this Tuesday, August 25.Get the latest predictions in Benzinga's essential guide to the company's Q2 earnings report. We also saw lower profit-sharing revenue from our private label and co-branded credit card arrangement, which impacted our gross profit rate by approximately 20 basis points. In our domestic segment, revenue for the total quarter increased 3.5% to $9.1 billion. We are continuing to provide fulfillment options customers have come to expect from all retailers like fast and free home delivery, and buy online and pickup in store. We now have a system with tiered advisors, which provides more opportunities for more employees by matching employees with the needs of the customer. We will provide more examples as our plans evolve, but here are some initial thoughts on strategic implications over the next several quarters. Although what I'm asking is, are there identifiable aspects of the sales growth today that you think will go away, whether that's back-to-school or some other category that's abnormally strong right now? And if you look at store labor hours in total, while we are increasing labor hours for them being open and also -- we've also increased the hourly wage rate. OK. That sounds encouraging. And while it is still early, these new customers are showing a higher likelihood to return than new customers in the prior-year period. From a merchandising perspective, as Corie mentioned, the largest comparable growth categories were computing, appliances and tablets. Understood. Receipts were down for mobile phones and flat for home theater equipment. On June 15, we began allowing customers to shop without an appointment at more than 800 stores across the US, and as of June 22, almost all of our stores were open for shopping. Before I conclude my prepared remarks, I want to talk about our ongoing commitment to diversity and inclusion in our community. Chief Financial Officer Matt Bilunas said he expected to see year-over-year sales growth in the third quarter, but warned that gains were unlikely to be made at the same pace. The company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this call. You could see it in how heavy the business was at our precincts and how many services people wanted to acquire. In May, we developed an in-store appointment engine as we adapted our operating model to respond to the pandemic. As you would imagine, these concepts are extensive and interdependent, and we are both implementing change today and assessing future implications across our business. But with a similar SG&A level in Q3, with higher sales, we would expect SG&A leverage to continue in Q3. As we think back to the analyst day last year and the $1 billion cost reduction program, I think you spoke to in the fourth quarter, $160 million of savings against that plan in the back half of last year. For example, she said, digital health, home fitness, sustainable living and outdoor and camping equipment have been popular online. Best Buy (NYSE:BBY)Q2 2021 Earnings CallAug 25, 2020, 8:00 a.m. Home theater comp sales were approximately flat to last year, a material improvement from Q1's performance as trends continue to improve as we open our stores to customer shopping. And let me start by saying one of the implications we laid out in the script where we're talking of that customer shopping behavior has changed permanently. During the quarter, we repaid the full amount of our $1.25 billion credit facility that we had drawn in March. Which is why we talk about things like brand love, we talk about things like safety, because those become the measures by which the brand is valued over time. X. So, with those two included, we still have store labor hours that are slightly lower than last year. This helped Best Buy grow its adjusted operating margin by 190 basis points y-o-y to 5.9%, driving a 58% surge in adjusted earnings per share to $1.71 in Q2. Sales at stores open at least a year grew by 5.8%, higher than the 2.3% that Wall Street expected. We will also continue to provide great experiences like curbside pickup, in-store consultations and, of course, home installation of appliances, TVs, fitness equipment and more. From a capital expenditure standpoint, we still expect to spend in the range of $650 million to $750 million during fiscal '21. The decline in services was primarily due to a higher mix of online sales, which has a lower attach rate than in-store. We opened and we said at that point we brought back about half of our furloughed associates. In terms of the strength, and Mike had said it, we are really seeing broad-based strength. Clearly, the promotional cadence in events could change in Q3, and we -- holiday is -- will probably start earlier. And that's the primary thing we're focused on for this holiday. Yeah. Going forward, we are on a path to develop a flexible workforce model that leverages technology and provides associates the ability to work whenever and wherever they want. Best Buy Co., Inc. BBY is scheduled to report second-quarter fiscal 2021 results on Aug 25, before the opening bell. As most of you know, we launched our in-home advisor program a few years ago. We are always striving to attract and invest in talent that reflects the diversity of all communities and fosters an inclusive culture across the organization. I wanted -- two questions. That's helpful. I'll start with the question. That same-store sales growth was its highest in two years, even though its stores were open by appointment only for the first six weeks of the quarter. And when we look at what we did for automation over the last three and the things that we had to do, it's very easy for us to receive products in our seven RDCs and then put them on the normal truck runs out to the stores that we already do and if we need to run extra trucks out to these 250 locations, so we can actually have rapid replenishment. Since the early stages of the pandemic, all hourly retail associates and supply chain employees who were working received incremental hourly appreciation pay. To be clear, in Q2, the primary gross profit rate pressure we saw was coming from supply chain in the form of higher parcel expense. From a customer experience standpoint, our strategy is to not only keep pace with but anticipate changes in customer expectations, including safety, by adopting a customer-obsessed approach that is primarily digital. But it's closer to our carrier delivery pads. As Corie mentioned, the primary driver of the operating income rate expansion was lower non-GAAP SG&A expense of $219 million, which was 290 basis points favorable to last year as a percentage of sales. Hi good morning. And you're right, we said in the script that we've seen the share recover. You're talking about holiday levels of manufacturing and fulfillments, and that just is going to take a bit of time to catch trends this tight. On enterprise revenue of $9.9 billion, we delivered non-GAAP diluted earnings per share of $1.71 or an increase of 58% versus last year. Yeah. We talked a little bit about gaming and the demand there. At the beginning of Q2, we started welcoming customers back into our stores by offering an in-store consultation service to customers by appointment only. Best Buy (BBY) came out with quarterly earnings of $1.71 per share, beating the Zacks Consensus Estimate of $1.09 per share. Hence, the reason we said that by the end of the quarter, we had two-thirds of our furloughed associates back in the hours associated with that, so we could meet some of that demand. Best Buy (BBY) delivered earnings and revenue surprises of 56.88% and 0.70%, respectively, for the quarter ended July 2020. Two, lower advertising expense of approximately $40 million. Some of the statements we will make today are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Best Buy's Sharp Share Drop Isn't Over. Maybe discuss just a little bit further the makeup of these customers, where they may be coming from, how different are they than the customers that Best Buy catered to in the past. Find the latest Earnings Report Date for Best Buy Co., Inc. Common Stock (BBY) at Nasdaq.com. If you look at promotionality into Q3, we would expect that promotionality to be sequentially up from Q1 and Q2, but still not a year-over-year pressure. And so, I think the team has done a very nice job across however the customer wants to shop, meeting their needs. I'd like to provide some insight into our approach, starting with three concepts we believe to be permanent and structural implications of the pandemic. But right now, we like the position that we're in to be able to keep flexibility through the remaining part of this year, but we will certainly readdress that at some point. We do ship from all our stores not just the hubs, the hubs will be used to ship larger quantities. Sign up for free newsletters and get more CNBC delivered to your inbox, Get this delivered to your inbox, and more info about our products and services.Â, © 2020 CNBC LLC. Holidays likely will be different. As we think about entering the holiday selling season here, what is sort of the promotional calendar looking like from your perspective today? In the wake of George Floyd's death and the subsequent protest, Best Buy is committed to doing better when it comes to taking action to address racial inequities and injustices. Exactly how much, we'll determine by how much sales we actually have and how much gross profit rate pressure we'd be able to offset. Best Buy Co Inc (BBY) Q2 2020 Earnings Call Transcript BBY earnings call for the period ending August 3, 2019. And then just my follow-up question is new leadership at Best Buy Health. Right now, we are building the foundation by leading our store employees through skills-based training for their existing roles. I want to thank all our employees for their tremendous commitment to our customers and for living our purpose to enrich lives through technology. And three, technology is playing an even more crucial role in people's lives due to the pandemic. We are cognizant of all these factors. We were also recently named one of Parity.org's best companies for women to advance. She said the pandemic has strengthened the company's interest in health care, too, especially as older Americans look for ways to stay healthy and live independently. So, we'll continue to peel apart who those customers are. And like we said in the prepared remarks, clearly, it's only been five months but some of those new customers we obtained in March have shown a much higher propensity to repeat sales than the new customers we retained last year during the same period. Stock Advisor launched in February of 2002. Our culture of inclusion values every human being's experience and supports each employee to bring their true and authentic cells to work. We will hear from Chris Horvers with JP Morgan. Over time, there will be opportunities for employees to gain additional skill sets and be able to fulfill multiple roles, which will lead to additional scheduling, eligibility and flexibility. And then how do you think about the reduction in freight cost and the benefit that you'll get as you make this transition? Returns as of 12/21/2020. [Operator instructions] I would now like to turn the conference over to Mollie O'Brien, vice president of investor relations. Zacks' 7 Best Strong Buy Stocks for December, 2020. She said manufacturers and its supply chain are "running at holiday levels.". Please refer to the company's current earnings release and our most recent 10-K for more information on these risks and uncertainties. The decrease was primarily driven by supply chain costs associated with the higher mix of online revenue. We've been building a phenomenal and flexible supply chain, and have employees in stores that are moving at speed with the customer. At the same time, we are encouraged by our clarity of purpose and our momentum, which has guided and will continue to guide our operating model changes and investments. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. These sales on a temporarily lower cost base resulted in incremental leverage that drove a more favorable operating income rate. Three, lower incentive compensation expense of approximately $30 million related to both field and corporate employees. We anticipate that our Q3 gross profit rate will continue to be pressured compared to last year, as we expect online sales will continue to be a higher percentage of our overall sales mix compared to the prior year. The lower SG&A is a direct result of balanced but prudent decisions to lower costs in response to the uncertainty of the pandemic and our evolving operating model. Our gaming category was also approximately flat to last year. We will continue to add features and capabilities to the app to drive frequency, retention and personalization opportunities, all of which are significantly higher in the app than other digital channels. It's partially designed to lower expenses because we can absolutely have more customers pick up in-store, that's what's happening with these locations. This is especially critical during the current environment and increase the need for remote consultation and assistance capabilities. And then, in addition to that, we continue to see pressure from the lower profit sharing from the Citi relationship we have. As we opened our stores, we saw significantly improved sales trends that outpaced our staffing levels for a period of time. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures and an explanation of why these non-GAAP financial measures are useful can be found in this morning's earnings release, which is available on our website, investors.bestbuy.com. We also have plans in place that will allow us to adapt quickly if we needed through the remainder of the year. They are navigating not only the impacts of the pandemic, but also fires, hurricanes and civil unrest. In our international segment, revenue increased 9.4% to $782 million. And even at our investor day last year, we were talking about how the customer behavior was changing and accelerating, probably even moving faster than most retailers were. Best Buy also announced that it is increasing its quarterly cash dividend by 10% to 55 cents a share. And so, I think it's less about distinctly calling out categories, Peter, and a little bit more about just the environment that we find ourselves in. Welcome to Best Buy's First Quarter Fiscal 2021 Earnings Call. So, the first question I want to ask, I think, Corie, you discussed in your prepared comments just the degree to which new customers come in to Best Buy. Looking back, it was only five months ago that we closed our stores to customer traffic, drew down the full amount of our revolver, made the difficult decision to furlough associates and saw total sales declines reach 30% at one point. And that will be an extended phenomenon as it's going to have kids going back and forth probably some school to work, but we're also seeing people want to entertain. Best Buy on Tuesday reported strong second-quarter sales growth, helped by its biggest quarterly increase in online sales ever, but cast a cautious eye toward the future as it said everything from stimulus to the unemployment rate could change how much customers spend. And I would cite things like where we are in the government aid programs and whether or not there will be a new package going forward. On a media call, Barry said Best Buy initially pulled back on inventory to control costs during the pandemic, but saw a flood of demand when customers could return to stores. We are also expanding our use of augmented reality in the shopping experience. Throughout the pandemic, we have been confident that we will emerge an even stronger company than we were before. This compares to earnings of … We will continue to invest in those capabilities that focus on the customer experience over the long-term and that are designed to provide choice, speed and now safety. Some of the dynamics that benefited Best Buy in the quarter may fade, though, executives said. Thanks a lot for taking my question. The growth was primarily driven by Canada, where we experienced similar trends in our domestic segment from a product category standpoint, and we were able to open almost all locations without appointment approximately two weeks sooner than we did in the US Turning now to gross profit. CEO Corie Barry said additional stimulus would provide "a level of confidence and a backdrop against which customers feel like they have purchasing and spending power. He also cautioned that the retailer will have higher expenses as its stores are fully reopened. This pandemic and the swift shift in customer buying behavior really underscores the importance of our strong multichannel capabilities. I mean, our focus and confidence in the health business remains incredibly strong. We first -- we're always going to reinvest in our business to do what's right for our customers in the long term. With that said, as we enter Q3, there continues to be a heightened demand for the products and services we offer. Mike Mohan -- President and Chief Operating Officer. Our efforts have not gone unnoticed. These included keeping store employees on furlough, suspending short-term incentives and lower advertising expense. So, we will continue to improve the customer experience to kind of improve the gross margin rates online and continue to look at our cost structure overall for both channels. The increase was driven by comparable sales growth of 15.1%, which was partially offset by 490 basis points of negative foreign currency impact. Analysts had expected Best Buy earnings of $1.08 a share on sales of $9.71 billion. And just wanted to follow up on the promotional commentary, too, about why you don't necessarily see more pressure in Q3 year over year. 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