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February, 2021

Best Buy (BBY) Earnings Post-Mortem

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Best Buy (BBY)

This morning Best Buy (BBY) reported record-high sales for 21Q4 (ended 1/31/21), up +11% YoY. 

Why are shares trading -7% lower today? BBY wasn’t able to meet Wall St’s lofty expectations — which means we now have to consider the fact that everyone who needed a webcam or an Xbox probably already has one.

This phenomenon is mirrored in Best Buy’s Underlying consumer data. Average Purchase Intent Mentions for the current quarter are on pace for a YoY decline, trending -22% YoY. And, we are entering a period of incredibly difficult comps for many companies.

We’re still maintaining a cautiously bullish outlook due to noted strength in digital execution, but we’ll be keeping a close eye on the impact of more stores re-opening going forward.

Best Buy Purchase intent vs revenue

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