Best Buy reports Q3 EPS $1.26, consensus $1.29

Reports Q3 revenue $9.45B, consensus $9.63B. Reports Q3 comparable sales down 2.9%. “In the third quarter, our teams delivered an in-line non-GAAP operating income rate on sales that were a little softer than expected,” said Corie Barry, Best Buy (BBY) CEO. “During the second half of the quarter, a combination of the ongoing macro uncertainty, customers waiting for deals and sales events, and distraction during the run-up to the election, particularly in non-essential categories, led to softer-than-expected demand. In the first few weeks of Q4, as holiday sales have begun and the election is behind us, we have seen customer demand increase again.”