Best Buy stock climbs 15% on earnings beat as retailer aims to reinvigorate sales
Best Buy reported better-than-expected fiscal first-quarter results, with a 2% growth in comparable sales. The company reaffirmed its full-year revenue guidance and saw a 15% increase in stock price following the announcement. New CEO Jason Bonfig is focused on expanding the company's reach and enhancing customer experience amid ongoing economic pressures.
- ▪Best Buy's revenue rose slightly to $8.94 billion, exceeding expectations of $8.83 billion.
- ▪The company reported adjusted earnings per share of $1.28, beating the expected $1.23.
- ▪Best Buy's stock climbed 15% after the earnings announcement, reflecting positive investor sentiment.
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Best Buy on Thursday reported fiscal first-quarter results that beat expectations on the top and bottom lines as the electronics retailer tries to break out of a sales slump.The company said revenue climbed slightly, driven by comparable sales growth of 2%. It reaffirmed its full-year guidance of revenue between $41.2 billion and $42.1 billion, in addition to adjusted earnings per share of $6.30 to $6.60. It expects comparable sales in the range of a decline of 1% to an increase of 1%. The company said its biggest growth drivers in the quarter were gaming, computing, mobile phones and services, which were partially offset by a decline in sales of appliances.
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