AI
* BBY $48~$46~$53 beats by $0.03, beats on revs; reaffirms Y07 EPS guidance (47.77 ) : Reports Q2 (Aug) earnings of $0.47 per share, $0.03 better than the Reuters Estimates consensus of $0.44; revenues rose 13.4% year/year to $7.6 bln vs the $7.54 bln consensus. Co reaffirms guidance for FY07, sees EPS of $2.65-2.80 vs. $2.79 consensus.
Best Buy earnings conf call update (48.69 +0.92) -Update : Co notes that TV business is off to a great start, have not seen any decline in the consumer's interest in this category. With supplies up, BBY continues to expect average selling prices to drop 25-30% year-over-year on identical skews, continue so see customers to trade up to the biggest screen size and best technology they can afford. BBY expects that the lower prices will drive tremendous unit demand, far outweighing the negative impact of any price declines. Co is "very bullish on the flat panel Home Theater space" and they are "confident we're making the right investments here".
Best Buy conf call summary (49.26 +1.49) -Update : Co notes that TV business is off to a great start, have not seen any decline in the consumer's interest in this category. With supplies up, BBY continues to expect average selling prices to drop 25-30% year-over-year on identical skews, continue so see customers to trade up to the biggest screen size and best technology they can afford. BBY expects that the lower prices will drive tremendous unit demand, far outweighing the negative impact of any price declines... Asked for color on the LCD market, company LCD availability is solid and good, particularly in the largest screen sizes, which they are most concerned about. On the Appliance biz, the company did see the comps in that business come down this quarter. Clearly seeing an impact based on the housing market overall. From a promotional environment standpoint, see competitors continuing to be promotional in the home appliance space.
Best Buy earnings conf call update (48.69 +0.92) -Update : Co notes that TV business is off to a great start, have not seen any decline in the consumer's interest in this category. With supplies up, BBY continues to expect average selling prices to drop 25-30% year-over-year on identical skews, continue so see customers to trade up to the biggest screen size and best technology they can afford. BBY expects that the lower prices will drive tremendous unit demand, far outweighing the negative impact of any price declines. Co is "very bullish on the flat panel Home Theater space" and they are "confident we're making the right investments here".
Best Buy conf call summary (49.26 +1.49) -Update : Co notes that TV business is off to a great start, have not seen any decline in the consumer's interest in this category. With supplies up, BBY continues to expect average selling prices to drop 25-30% year-over-year on identical skews, continue so see customers to trade up to the biggest screen size and best technology they can afford. BBY expects that the lower prices will drive tremendous unit demand, far outweighing the negative impact of any price declines... Asked for color on the LCD market, company LCD availability is solid and good, particularly in the largest screen sizes, which they are most concerned about. On the Appliance biz, the company did see the comps in that business come down this quarter. Clearly seeing an impact based on the housing market overall. From a promotional environment standpoint, see competitors continuing to be promotional in the home appliance space.
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