실적분석 2026년 8월 27일

Best Buy ($BBY) Fiscal 2027 Q2 Earnings Analysis — Revenue and Adjusted EPS Beat Estimates, but Shares Fall After-Hours Despite Raised Full-Year Guidance

Earnings Scorecard

Revenue: $9.779 billion (+3.6% year-over-year, vs. $9.560 billion estimate) ✅ Beat

EPS (earnings per share): Adjusted diluted $1.47 (vs. $1.36 estimate; GAAP diluted $1.48) ✅ Beat

Guidance: Raised — full-year adjusted diluted EPS $6.70–$6.90 (prior $6.30–$6.60), revenue $42.3–$42.8 billion (prior $41.2–$42.1 billion), comparable-store sales +1.9% to +3.0% (prior -1.0% to +1.0%)

Stock reaction: After-hours -3.93% ($84) — as of 08:27 20:50 Korea Standard Time

Highlights

Comparable-store sales +4.1%: Domestic +4.5%, driven by computing, home theater, and artificial-intelligence (AI) glasses

Adjusted EPS $1.47: Beat the $1.36 estimate, up 15% from $1.28 a year earlier

Full-year guidance raised: Lifted outlook for adjusted EPS, revenue, and comparable-store sales

Domestic online comparable-store sales also climbed 5.1%, while marketplace and Best Buy advertising lifted the gross margin. The outgoing Chief Executive Officer (CEO) and incoming CEO both pointed to first-half momentum as grounds for confidence in the second half.

Lowlights

International segment contracted: International revenue $709 million (-4.2%), comparable-store sales -1.8%

Product margin decline: The improvement in the domestic gross margin was propped up by advertising, marketplace, and tariff refunds

SG&A growth: Domestic adjusted SG&A reached 19.6% of revenue (vs. 19.3% a year earlier), pressured by labor and advertising costs

Traditional gaming categories declined, and the tariff refund (approximately $34 million) is a one-time item unlikely to recur. If costs grow faster than revenue, the pace of operating margin improvement could slow.

What Management Said

Corie Barry, the outgoing CEO, said comparable-store sales and adjusted operating margin in the second quarter came in ahead of expectations. Jason Bonfig, the incoming CEO, explained that the company raised its full-year guidance on the strength of first-half results and second-half momentum.

Market Reaction and Key Points Ahead

Even though the headline numbers showed a beat and guidance was lifted, shares came under pressure in after-hours trading as investors — with the stock already up sharply year-to-date — weighed rising labor, marketplace, and advertising costs against the margin outlook.

Whether third-quarter comparable-store sales land within the company's 1.0%–3.0% guidance range

Whether advertising and marketplace profits offset softer product margins and higher SG&A

Whether domestic growth momentum continues after the November CEO transition