By Kuldip K. Ambastha and Anil K. Ambastha
Best Buy Co., Inc. (BBY), a big-box electronics retailer business headquartered in Richfield, MN, delivered strong results for 3Q2019. During the quarter, the company exceeded expectations on many fronts, such as earnings, revenues, and same-store sales. The key product and service lines which performed well were tablets, headphones, computing, tech support, and appliances. Corporate management has raised its guidance for 2020 profits and earnings. Best Buy has a strong mix of stores and online commerce which has been critical to its success in a highly competitive sector. Customers, in general, are more likely to make a purchase after seeing a product in-person vs. after browsing online. Furthermore, Best Buy has done well over the years in having the right product inventory at appealing prices. On Tuesday, November 26, 2019, the stock hit a 52-week high price of $83.63 per share. By the end of the day, BBY stock rose by 9.9% and was at $81.57 per share.
Keywords – Best Buy Co., Inc., Best Buy, BBY, big-box electronics, retail, Richfield, MN, Minnesota, The Gopher State, The Bread and Butter State, Land of 10,000 Lakes, The North Star State, 3Q2019, 2020, expectations, earnings, revenues, same-store sales, profits, products, services, stores, online, inventory, pricing.
Disclosure – The principals and clients of Ambastha Financial LLC do not have any positions in BBY.
Disclaimer – No recommendations are being made via this post. Past performance is not an indicator of future performance. As an investor, you should do your own research and seek professional advice from a Registered Investment Adviser (RIA). You can lose money by investing in stocks and other instruments. Ambastha Financial LLC does not assume any responsibility (legal or otherwise) for any losses that may occur as a result of actions taken based on this post. All content copyrighted © 2019 – Ambastha Financial LLC.