Best Buy Results Exceed Expectations, Williams-Sonoma Soars on Revenue Beat

Mukesh Buch
24 May, 2018
New York City

Best Buy net surged on 7% jump in revenues. Brady Corp issued cautious outlook. L Brands lowered fiscal outlook after profit tumbled 50%. McKesson

[R]12:35 PM New York City, New York – Best Buy net surged on 7% jump in revenues. Brady Corp issued cautious outlook. L Brands lowered fiscal outlook after profit tumbled 50%. McKesson’s board approved additional share repurchase of $4 billion. Williams-Sonoma surged on revenues growth.[/R]

Tollbooth Index rose 25.31 0.2% to 15,330.43 and for the year-to-date jumped 11.3%.

Earnings Review

Best Buy Co Inc ((BBY)) plunged 7.4% or $5.60 to $70.35 after the consumer electronics retailer reported revenues in the first-quarter ending on May 5 soared 7.1% from a year ago to $9.1 billion.

Comparable store sales in the quarter jumped 7.1% and domestic comparable online sales soared 12% and international comparable sales advanced 6.4%.

Net income in the quarter surged 10.6% to $208 million or 72 cents per diluted share from $188 million or 60 cents in the same quarter last year.

The consumer electronics retailer forecasted fiscal 2019 revenues between $9.1 billion and $9.2 billion and comparable sales growth in the range of 3% to 4% and international comparable sales growth between 1% and 4% and diluted earnings per share in the range of 77 cents to 82 cents, growth of 12% to 19%.

Brady Corporation ((BRC)) rose 5 cents to $38.90 after the workplace safety products provider said revenues in the third-quarter ending in April advanced 8.1% from a year ago to $298.4 million.

Net income in the quarter soared 15% to $26 million or 49 cents per diluted share from $22.6 million or 43 cents in the same quarter last year.

Brady lowered fiscal 2018 diluted earnings per share forecast in the range of $1.90 to $2 from the earlier estimate of $1.95 to $2, this including sales growth of low-single digit.

Hormel Foods Corp ((HRL)) plummeted 3.1% or $1.13 to $34.70 after the meat products maker stated net sales in the second-quarter ending on April 29 jumped 6.5% from a year ago to $2.3 billion.

Net income in the quarter advanced 12.5% to $237.4 million or 44 cents per diluted share from $210.9 million or 39 cents in the same quarter last year.

L Brands Inc ((LB)) jumped 4.6% or $1.57 to $35.62 after the women''s personal care and beauty products retailer said net sales in the first-quarter ending on May 5 advanced 8% from a year ago to $2.6 billion.

Comparable store sales in the quarter increased 3%.

Net income in the quarter tumbled 49.5% to $47.5 million or 17 cents per diluted share from $94.1 million or 33 cents in the same quarter last year.

The beauty products retailer lowered fiscal 2018 diluted earnings per share forecast in the range of $2.70 to $3 from the earlier estimate of $2.95 to $3.25.

McKesson Corporation ((MCK)) dropped 2.3% or $3.36 to $143.47 after the specialty drug and medical product maker reported revenues in the fourth-quarter ending in March increased 6% from a year ago to $51.6 billion.

Net in the quarter swung to a loss of $1.1 billion or $5.58 per diluted share from profit of $3.6 billion or $16.76 in the same quarter last year.

McKesson forecasted fiscal 2019 diluted earnings per share in the range of $13 to $13.80.

The drug maker’s board authorized an additional share repurchase of $4 billion.

Williams-Sonoma Inc ((WSM)) surged 13.6% or $6.67 to $55.85 after the home furnishings retailer said revenues in the first-quarter ending in April soared 8.2% from a year ago to $1.2 billion.

Comparable store sales in the quarter advanced 5.5%.

Net income in the quarter jumped 14.1% to $45.2 million or 54 cents per diluted share from $39.6 million or 45 cents in the same quarter last year.