Best Buy Co., Inc. (NYSE:BBY) shares plunged more than 5% on Wednesday despite better-than-expected Q2 results and reaffirmed guidance for the balance of 2022.
Q2 EPS came in at $1.54, better than the Street estimate of $1.29. Revenue was $10.33 billion, compared to the Street estimate of $10.29 billion.
The company expects Q3 comp to decline slightly greater than Q2 levels of (12.1%). On a three-year-stacked basis, Q3 guidance implies comps of 11—13%.
While the analysts at Oppenheimer look favorably upon longer-term prospects for the company and admire the efforts of management to reposition the company, they recommend investors await clearer indications of top-line recovery, before moving into shares.