Best Buy: sales jump, but profit disappoints
(CercleFinance.com) - Shares of US electronics retailer Best Buy fell on Tuesday after a mixed bag of quarterly numbers.
The company said this morning that third-quarter comparable sales increased by 23%, topping guidance, but on the other hand, profit rose by 35% to 1.48 dollar per share, falling short of analysts' expectations.
The company said it generated comparable sales growth across most of its categories, with the largest drivers being computing, home theater and appliances.
This good momentum in lockdown-favoured products was, however, partially offset by a decline in mobile phone sales, Best Buy said.
Even more impressive, online revenue jumped 173.7% on a comparable basis over the past quarter, the group said.
Citing "significant uncertainty" surrounding the pandemic, Best Buy did not provide financial guidance today and its shares dropped almost 5% in early morning trading.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The company said this morning that third-quarter comparable sales increased by 23%, topping guidance, but on the other hand, profit rose by 35% to 1.48 dollar per share, falling short of analysts' expectations.
The company said it generated comparable sales growth across most of its categories, with the largest drivers being computing, home theater and appliances.
This good momentum in lockdown-favoured products was, however, partially offset by a decline in mobile phone sales, Best Buy said.
Even more impressive, online revenue jumped 173.7% on a comparable basis over the past quarter, the group said.
Citing "significant uncertainty" surrounding the pandemic, Best Buy did not provide financial guidance today and its shares dropped almost 5% in early morning trading.
Copyright (c) 2020 CercleFinance.com. All rights reserved.