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.
Must read: Warren Buffett's 25 Favorite StocksSTOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts