Televisions are on sale at Best Buy in New York City.
Andrew Kelly | Reuters
Best buy It beat Wall Street’s quarterly earnings expectations on Thursday, but sales missed estimates and repeated expectations for weaker spending. This year’s consumer electronics.
The retailer confirmed the sentiment it shared in March. Full-year revenue of $43.8 billion to $45.2 billion is expected, down from last fiscal year, and a corresponding sales decline of between 3% and 6%.
Shares rose more than 4 percent in premarket trading.
CEO Corey Barry said Best Buy has seen no change in the mix of customers and the percentage of premium products they buy.
Still, “clients in this environment are taking prudent and business decisions as they continue to deal with high inflation and low consumer confidence for a number of reasons,” she added.
Here’s how the company did for the three months ended April 29, compared with Wall Street expectations, based on a survey of analysts by Refinitive:
- Earnings per share: $1.15 adjusted from $1.11 expected
- Revenue: $9.47 billion versus $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 from $10.65 billion last year and fell short of Wall Street expectations.
Comparable sales fell 10.1% in the quarter, in line with the decline expected by investors, StreetAccount reported.
Shares of Best Buy closed at $69.15 on Wednesday, giving the company a market cap of $15.12 billion. So far this year, the stock is down about 14%, trailing the S&P 500’s 7% gain and retail-focused XRT’s 2% decline over the same period.
This is breaking news. Please check back for updates.
[ad_2]