For the first quarter the electronics retailer reported earnings of 33 cents a share, beating analysts' estimates of 20 cents a share by 13 cents. Revenue fell -3.4% from the year-ago quarter to $9.03 billion. Analysts surveyed by Thomson Reuters expected revenue of $9.2 billion for the quarter.
Comparable online sales grew 29% in the quarter thanks to a higher average order online, and an increase in the number of online orders taken in retail stores. Comparable-store sales fell 1.9% from the year-ago quarter, however. Best Buy expects comparable sales to be negative in the low-single digits in the second and third quarter due to a soft mobile phone category.
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"Best Buy Co., Inc. is a multinational retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances and related services. The Company operates retail stores and call centers, and conducts online retail operations under a range of brand names, such as Best Buy (BestBuy.com, BestBuy.ca), Best Buy Mobile (BestBuyMobile.com), The Carphone Warehouse (CarphoneWarehouse.com), Five Star, Future Shop (FutureShop.ca), Geek Squad, Magnolia Audio Video, Pacific Sales and The Phone House (PhoneHouse.com). During the fiscal year ended March 3, 2012 (fiscal 2012), it operated in two segments: Domestic and International. During fiscal 2012, it opened 135 new stores and closed five stores in its Domestic segment. During fiscal 2012, it opened 219 new stores, within its Best Buy Europe and Five Star operations, and closed 114 stores in its International segment, within its Best Buy Europe business."