Televisions for sale at a Best Buy store in New York City.
Andrew Kelly | Reuters
Best Buy beat Wall Street’s quarterly earnings expectations on Thursday, but its sales missed expectations and reiterated expectations for weaker spending Consumer Electronics of the Year
The retailer confirmed the outlook it shared in March. It expects full-year revenue of $43.8 billion to $45.2 billion, down from the previous fiscal year, with comparable sales down 3% to 6%.
Shares rose more than 4% in premarket trading.
Here’s how the company performed in the three-month period ended April 29, compared with Wall Street expectations, according to a Refinitiv survey of analysts:
- Earnings per share: $1.15 adjusted, $1.11 expected
- Revenue: $9.47 billion vs. $9.52 billion expected
Best Buy’s first-quarter net income fell to $244 million, or $1.11 a share, from $341 million, or $1.49 a share, a year earlier.
Net sales fell from $10.65 billion a year earlier and missed Wall Street expectations.
Best Buy shares closed at $69.15 on Wednesday, giving the company a market value of $15.12 billion. Its shares are down about 14% so far this year, trailing the S&P 500’s 7% gain and retail-focused XRT’s 2% decline over the same period.
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