Why Best Buy (BBY) Stock Is Up Today

NEW YORK (TheStreet) -- Best Buy (BBY) was gaining 7.2% to $27.17 Thursday after beating analysts' estimates for earnings in the first quarter.

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 Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

BBY Chart

BBY data by YCharts

"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."

If you liked this article you might like

This Is How to Avoid Becoming Amazon Roadkill

Wall Street Overlooks Trump's North Korea Threats to Hit New Records

Best Buy Disappointment Sends Retailers Into a Spin