Shares of Best Buy (BBY) are up 6% today (May 24) after the consumer electronics retailer
issued better-than-expected quarterly earnings.
Best Buy beat Wall Street’s forecasts for its revenue in the first quarter even as customers faced
higher prices due to inflation.
The retailer reported earnings per share of $1.57 U.S. compared to $1.61 U.S. that was
expected by analysts. Revenue came in at $10.65 billion U.S. versus $10.41 billion U.S. that
had been expected.
Best Buy’s first-quarter net income fell to $341 million U.S., or $1.49 U.S. a share, down from
$595 million U.S., or $2.32 U.S. per share, a year earlier. Net sales in the quarter decreased to
$10.41 billion U.S. from $11.64 billion U.S. a year earlier.
Best Buy’s stock hit a 52-week low last week and are down nearly 30% year to date at $72.59
U.S. per share.
