Best Buy Beats Q1 Estimates With $1.28 EPS as Comparable Sales Rise 2%
Updated
Updated · CNBC · May 28
Best Buy Beats Q1 Estimates With $1.28 EPS as Comparable Sales Rise 2%
1 articles · Updated · CNBC · May 28
$1.28 in adjusted EPS and $8.94 billion in revenue topped Wall Street forecasts of $1.23 and $8.83 billion, while net income rose to $276 million from $202 million a year earlier.
2% comparable-sales growth drove the beat, with gaming, computing, mobile phones and services offsetting weaker appliance demand as Best Buy tries to emerge from a prolonged sales slump.
Full-year guidance was unchanged at $41.2 billion to $42.1 billion in revenue and $6.30 to $6.60 in adjusted EPS, with comparable sales still seen between down 1% and up 1%.
Shares rose about 7% in premarket trading as the retailer also highlighted higher-margin growth from its ads and marketplace businesses.
The results come weeks after Best Buy named Jason Bonfig to replace CEO Corie Barry in the fall, part of a broader push to revive growth amid tariffs and cautious consumer spending.
Can Best Buy's AI pivot and ad revenue overcome soaring costs and tariffs to fuel a genuine company turnaround?
As its new CEO takes over, can Best Buy become the essential showroom for AI hardware, beating e-commerce giants?