Best Buy recently released its Q4 and full-year earnings report for the company’s FY17. For the quarter, the national consumer electronics retailer reported GAAP diluted earnings per share from continuing operations at $1.91, an increase of 37 percent from the same period last year, when earnings per share were at $1.39.
Revenue across domestic and international operations for Best Buy hit $13.48 billion in Q4, in the middle of the company’s guidance range, though slightly down from $13.62 billion in the same quarter last year. International revenue was up year on year to $1.14 billion compared to $ 1.11 billion last year.
For the full year, enterprise revenue for Best Buy came in at $39.40 billion, down 0.3 percent from the previous year.
“In the fourth quarter, we improved our operating income rate by 80 basis points and delivered significantly higher-than-expected EPS growth,” said Best Buy Chairman and CEO Hubert Joly in the earnings release. “On a full year basis, we delivered the top-line performance we outlined at the beginning of the year — with materially better earnings than originally expected.”
Joly went on to credit the consumer electronic retailer’s strong bottom line performance in Q4 to disciplined promotional strategy, continued optimization of merchandise margins and strong expense management.
For fiscal 2018, a 53-week year, Best Buy anticipates enterprise revenue growth of 1.5 percent and for an operating income growth rate in the low single digits. On a 52-week basis, the consumer electronics company targets flat revenue and operating income.
Best Buy’s growth strategy for the coming year entails maximizing its multichannel retail business, meeting customer needs via services and solutions, and accelerating growth in Canada and Mexico. On the former point, Best Buy saw 20.8 percent comparable online sales growth in its fiscal 2017 along with 17.5 percent comp sales growth in Q4.