May 24, 2016 / 11:32 AM / 2 years ago

BRIEF-Best Buy reports Q1 gaap earnings per share of $0.69

May 24 (Reuters) - Best Buy Reports Better

* Qtrly enterprise revenue $8,443 million versus $8,558 million last year

* Qtrly domestic segment comparable sales essentially flat

* For q2 fy17, our guidance is enterprise revenue in range of $8.35 billion to $8.45 billion

* For q2 fy17, our guidance is enterprise and domestic comparable sales of approximately flat

* Qtrly enterprise comparable sales fell 0.1 percent

* Not raising full year outlook as q1 represents less than 15% of full year earnings

* Expecting an approximate $0.03 net negative impact on q2 adjusted earnings per share from lapping of periodic profit sharing benefit from services plan portfolio

* Expecting an approximate $0.06 negative impact from carryover of last september’s services pricing investment on q2 adjusted earnings per share

* Reaffirming previously provided full year financial outlook

* Expecting slight declines in revenue in first half followed by growth in back half

* In digital imaging, we are now expecting an approximate $0.03 to $0.04 negative impact for q2 due to april 2016 earthquake in japan

* During q1 fy17, company made decisions to cease certain operations and restructure certain teams

* As such, restructuring charges of $29 million were recorded primarily relating to asset impairments and severance in q1

* In q1 fy16, restructuring charges of $186 million were recorded primarily in relation to canadian brand consolidation

* Than-Expected first quarter results

* Q1 non-gaap earnings per share $0.44 from continuing operations

* Q1 earnings per share view $0.35 — Thomson Reuters I/B/E/S

* Sees q2 2017 non-gaap earnings per share $0.38 to $0.42

* Q1 gaap earnings per share $0.69 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)

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