(MENAFN- Baystreet.ca)
Best Buy Rises on Earnings Beat Best Buy (NYSE:BBY) on Thursday topped Wall Street's quarterly earnings expectations, but its sales missed estimates and it reiterated expectations for weaker spending on consumer electronics this year.
The retailer affirmed the outlook it shared in March. It expects full-year revenue of between $43.8 billion and $45.2 billion, a decline from its most recent fiscal year, and a comparable sales decline of between 3% and 6%.
Earnings per share proved to be $1.15 adjusted vs. $1.11 expected. Revenue: $9.47 billion vs. $9.52 billion expected
Best Buy's net income in the first quarter fell to $244 million, or $1.11 per share, from $341 million, or $1.49 per share, a year earlier.
Net sales declined from $10.65 billion in the year-ago period and fell short of Wall Street's expectations.
Wedbush analyst Seth Basham lowered the price target to $72 from $85 and maintained a Neutral rating on the shares. The firm remains sidelined on Best Buy into Q1 earnings.
Shares of Best Buy closed Wednesday at $69.15, bringing the company's market value to $15.12 billion. So far this year, its stock is down about 14%, trailing the 7% gains of the S&P 500 and the 2% declines of the retail-focused XRT during the same period.
BBY shares picked up $2.14, or 3.1%, to $71.29.
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