Best Buy Co., Inc. (NYSE: BBY) on Thursday announced first quarter revenue and earnings that topped analysts’ estimate. But the stock fell after the company didn’t provide its full year forecast.
The consumer electronics retailer said revenue was $9.1 billion in the quarter ended May, up from $8.5 billion a year earlier. Analysts polled by Thomson Reuters had projected revenue of $8.74 billion. Domestic revenue rose 6.3 percent to $8.41 billion, accounting over 90 percent of the company’s total revenue. While international revenue rose 13.1 percent to $687 million.
Excluding certain items, the company earned 82 cents per share, beating analysts’ estimates of 74 cents.
“We are happy to report better-than-expected top- and bottom-line results for the first quarter,” said Hubert Joly, Best Buy’s chairman and CEO. “This strong performance was broad-based, with positive comparable sales across all channels, geographies and most of our product categories. The top-line strength is the result of continued healthy consumer confidence, product innovation in multiple areas of technology, and our unique value proposition resonating with customers. We are executing well and customers are responding positively to the unique experience we provide to them online, in stores and in their homes.”
Best Buy is the NO.1 retailer in consumer electronic segment in the U.S., accounting about 15 percent of the market shares.
Best Buy shares fell as much as 7.39 percent to $70.36 in the early trading on Thursday. Including today’s loss, the stock was up 2.6 percent this year.