Best Buy shares rose early Tuesday, as the consumer electronics retailer beat Wall Street’s revenue estimates for the fiscal first quarter even as customers faced high levels of inflation and the company lapped a year-ago period fueled by Covid stimulus.
Shares were up about 6% in premarket trading.
Here’s how the retailer did in the three-month period ended April 30 compared with what Wall Street was anticipating, according to a survey of analysts by Refinitiv:
- Earnings per share: $1.57 adjusted vs. $1.61 expected
- Revenue: $10.65 billion vs. $10.41 billion expected
Best Buy’s first-quarter net income fell to $341 million, or $1.49 per share, down from $595 million, or $2.32 per share, a year earlier. Excluding items, it earned an adjusted $1.61 per share.
Net sales decreased to $10.41 billion from $11.64 billion a year earlier.
Best Buy’s shares hit a 52-week low on Friday. On Monday, shares rose less than 1% to close at $72.59. The company’s stock is down about 29% so far this year and are underperforming the S&P 500’s year-to-date decline of about 17%.
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