|
The
company also said it expects second-quarter comparable sales to
grow 1.5-2.5 percent. Shares of the retailer jumped 11.3 percent
in premarket trading.
Richfield, Minnesota-based Best Buy said sales at stores open
for more than a year rose 1.6 percent, even as the average
analysts' estimate was for a 1.5 percent decline, according to
research firm Consensus Metrix.
Chief Executive Hubert Joly said the unexpected jump in sales
also benefited from the arrival of delayed federal tax refund
checks.
Best Buy had warned in March that first-quarter same-store sales
would decline about 1-2 percent, as electronics retailers
continue to fight competition from online stores.
"We expect Best Buy to continue to perform at a high level
across multiple categories, with appliances likely to be one of
the bright spots given market dynamics," Moody's retail analyst
Charlie O'Shea wrote in a note.
Net income fell to $188 million, or 60 cents a share, in the
three months ended April 29, from $229 million, or 70 cents per
share a year earlier. Analysts on average had expected earnings
of 40 cents per share, according to Thomson Reuters I/B/E/S.
Revenue climbed 1 percent to $8.53 billion, beating the average
analysts' estimate for $8.28 billion.
(Reporting by Richa Naidu; Editing by Bernadette Baum)
[© 2017 Thomson Reuters. All rights
reserved.] Copyright 2017 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
