Scalper1 News
C onsumer electronics retailer Best Buy (BBY) early Thursday reported better-than-expected fiscal Q1 earnings, thanks to strong sales of televisions and mobile phones. Best Buy earned 37 cents a share excluding items on sales of $8.56 billion for the quarter ended May 2. Analysts polled by Thomson Reuters expected the Richfield, Minn.-based company to earn 29 cents a share on sales of $8.46 billion. On a year-over-year basis, revenue fell 5% while EPS rose 12%. Comparable store sales rose 0.6%, Best Buy said. “We continued to take advantage of strong product cycles in large-screen televisions and iconic mobile phones and continued growth in the major appliance category,” Best Buy CEO Hubert Joly said in a statement. Those gains were offset by declines in tablet and PC sales, he said. Best Buy was up 5% in midday trading in the stock market today, near 35.50…. Scalper1 News
Scalper1 News