Best Buy: Sales Align Closer To Midpoint Of Annual Comparable Sales Guidance

(RTTNews) - Best Buy Co., Inc. (BBY) said its first quarter sales results are in line with the expectations it shared in March and profitability was better than expected. The company maintained the full year guidance.

"As we enter the second quarter, we expect our comparable sales to decline in the range of 6% to 8% and our non-GAAP operating income rate to be approximately 3% or slightly higher," said Matt Bilunas, Best Buy CFO.

For fiscal 2024, the company continues to project: revenue of $43.8 billion to $45.2 billion, comparable sales decline of 3.0% to 6.0%; and non-GAAP EPS of $5.70 to $6.50.

First quarter net income was $244 million, or $1.11 per share compared with $341 million, or $1.49 per share, last year. Adjusted earnings per share was $1.15 compared to $1.57. Analysts on average had expected the company to earn $1.11 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

First quarter revenue fell 11.1% to $9.47 billion from $10.65 billion, last year. Analysts on average had estimated $9.52 billion in revenue. Enterprise comparable sales declined 10.1%, for the quarter.

Shares of Best Buy are up 4% in pre-market trade on Thursday.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.