Customers wait outside a Best Buy store in downtown Toronto, Ontario on November 23, 2020 to collect their online orders.
Geoff Robbins | AFP | Getty Images
Best Buy said Thursday that fiscal first quarter sales increased 36% as impulse-fueled customer spending also included consumer electronics.
Shares in the company nearly 3% in premarket trading after the home electronics and appliances retailer raised its forecast.
The company reported for the fiscal quarter ended May 1, versus Wall Street’s expectations, based on an analyst survey by Refinitiv:
- Earnings per share: $ 2.23 adjusted versus $ 1.39 expected
- Revenue: $ 11.64 billion versus $ 10.44 billion expected
Best Buy’s net income rose to $ 595 million, or $ 2.32 per share, for the first quarter from $ 159 million, or 61 cents per share, a year earlier.
Excluding items, it made $ 2.23 per share, more than the $ 1.39 per share expected by analysts surveyed by Refinitiv.
Net sales rose to $ 11.64 billion from $ 8.56 billion last year, beating estimates of $ 10.44 billion.
CFO Matt Bilunas said Best Buy expects sales to grow 3% to 6% in the same store this year. He had previously said that they would range from a 2% decrease to a 1% increase.
At the close of trading on Wednesday, Best Buy shares were up 17% this year. Shares hit a 52-week high of $ 128.57 earlier this month, closing at $ 116.96 on Wednesday. The company’s market value is $ 29.29 billion.
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