Best Buy: posts better-than-expected quarterly results
(CercleFinance.com) - Best Buy, the number 1 US electronics retailer, on Thursday reported comparable sales growth at the high end of its guidance for the first quarter, along with better-than-expected profit.
Best Buy said on Tuesday sales at established stores rose 1.1% in the quarter ended 4 May.
Earnings per share (EPS) rose to 1.02 dollar, it said, from 0.82 dollar in the first quarter of the previous fiscal year. The consensus expected 0.86 dollar.
The Minneapolis-based company said sales rose slightly to 9.14 billion dollars in the past quarter, from 9.10 billion dollars a year ago.
Looking ahead, Best Buy reiterated the guidance it provided at the beginning of the year, expecting sales of 42.9 billion to 43.9 billion dollars with comparable sales growth of 0.5% to 2.5%.
The group said it expected to suffer from the impact of the recent increase in tariffs on goods imported from China. Even so, the shares are up over 3% in pre-market trading.
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