Best Buy's Big Finish to 2018 Validates Operating Strategies, but More Than Priced in by the Market
Best Buy is clearly executing at a level well ahead of most retailers, evidenced by fourth-quarter comps of 9% and tactical pricing and product measures that preserved domestic gross margins (flat at 22.3%). Some tailwinds were in play--iPhone X launch and Super Bowl timing; smart home, wearables, and gaming product cycles; and competitors exiting certain markets--but we share management's views about results being more about execution than external factors. As we've said in the past, management...
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