Best Buy reaffirms headwind guidance; "core business performance has stabilized and our product mix and non-Renew Blue cost containment initiatives have been stronger than expected"
"you will recall from our Q2 FY14 earnings release that we had already identified other P&L drivers that we expected to negatively impact our fourth quarter operating income rate, which we quantified at a negative 40 to 70 basis point impact to last year's fourth quarter (Q4 FY13) non-GAAP operating income rate of 5.7%. This 40 to 70 basis point impact reflects the following... As it relates to these P&L drivers for FY15, the projections we laid out in our Q2 FY14 earnings release have not changed and are reiterated as follows: (1) negative 60 to 90 basis points in Q1 FY15; (2) negative 70 to 100 basis points in Q2 FY15; and (3) negative 30 to 60 basis points in Q3 FY15."