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Best Buy Co., Inc. Message Board

  • getintoh20 getintoh20 Feb 27, 2014 7:42 AM Flag

    BBY beats by 23 cents

    Best Buy Co., Inc. (NYSE: BBY) reported Q4 EPS of $1.24, $0.23 better than the analyst estimate of $1.01. Revenue for the quarter came in at $14.47 billion versus the consensus estimate of $14.66 billion.

    Comps fell 1.2%.

    Renew Blue Cost Reduction Initiatives Update:

    Since the company’s Q3 FY14 earnings release, Renew Blue annualized cost reductions have increased $260 million, bringing the total Renew Blue annualized cost reductions to $765 million ($570 million in SG&A and $195 million in cost of goods sold). The additional $260 million in cost reductions ($230 million in SG&A and $30 million in cost of goods sold) is primarily driven by (1) the optimization of the field and store operating models in the U.S. and Canada; (2) structural changes to certain compensation and benefits programs; and (3) ongoing optimization of returns, replacements and damages.

    The company has already exceeded the $725 million North American cost reduction opportunity it presented at its Investor Day in November 2012. Today the company is increasing the target to $1 billion. These additional cost reductions are expected to come primarily from the optimization of (1) returns, replacements and damages and (2) logistics and supply chain

 
BBY
30.02+0.65(+2.21%)Jun 28 4:00 PMEDT