Best Buy’s share in pre-conference trading rose 5%, as it announced the first quarter earnings that exceeded estimates.
The electronics retailer posted a net profit of $ 341 million, or $ 1.49 per share, up from $ 595 million, or $ 2.32 a share, a year ago.
Adjusted earnings per share stood at $ 1.57 against estimates for $ 1.59.
Revenue stood at $ 10.647 billion, compared to $ 10.382 billion, while comparable domestic sales fell 14.9%.
“Even with the expected slowdown this year, we continue to be in a fundamentally stronger position than we were before the pandemic, both in terms of revenue and operating revenue,” he said.
For 2022, the company expects revenue of $ 48.3-49.9 billion, lower than previous estimates of $ 49.3-50.8 billion.
Comparable sales are expected to fall 3% -6% compared to previous estimates for a 1% -4% drop.
Adjusted earnings per share are also estimated at $ 8.40-9, up from a previous estimate of $ 8.85-9.15.
Factset convergent estimates put revenue at $ 50.174 billion and earnings per share of $ 8.88 with a 2.4% drop in sales.
Source: Capital
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