For the first quarter the electronics retailer reported earnings of 33 cents a share, 13 cents higher than analysts' estimates of 20 cents a share. Revenue fell -3.4% year-over-year to $9.03 billion for the quarter. 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.
More than 11.3 million shares of Best Buy changed hands by 3:30 p.m., well above the average daily trading volume of about 6.5 million.Must read: Warren Buffett's 25 Favorite Stocks STOCKS 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.