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Televisions are on sale at a Best Buy store in New York.
andrew kelly | Reuters
best buy Thursday beat Wall Street’s quarterly earnings expectations, but its sales missed estimates and it reiterated expectations of lower spending on consumer electronics this year
The retailer confirmed the outlook it shared in March. It expects annual revenue of between $43.8 billion and $45.2 billion, down from its last fiscal year and a comparable drop in sales of between 3% and 6%.
The shares rose more than 4% in premarket trading.
Here’s how the company fared for the three-month period ending April 29, relative to what Wall Street expected, based on a Refinitiv analyst survey:
- Earnings per share: $1.15 adjusted vs. $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 per share, from $341 million, or $1.49 per share, a year earlier.
Net sales fell $10.65 billion from a year ago and remained below Wall Street expectations.
Shares of Best Buy closed Wednesday at $69.15, bringing the company’s market value to $15.12 billion. So far this year, its stock is down about 14%, trailing the S&P 500’s 7% gains and retail-focused XRT’s 2% declines over the same period.
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