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Best Buy Posts Stronger-Than-Expected Q1 Results as Gaming, Computing Drive Growth

Best Buy exceeded earnings expectations in its first fiscal quarter as comparable sales climbed 2%, outperforming the retailer's prior outlook. The electronics chain generated net income of $276 million, or $1.31 per share, compared with $202 million or 95 cents per share in the year-earlier period. Gaming, computing, mobile phones and services categories led growth, though appliance sales declined during the quarter. The company's advertising and marketplace businesses delivered strong performance and contributed to operating income rate expansion. Best Buy reaffirmed full-year revenue guidance of $41.1 billion and adjusted earnings per share of $6. The retailer projects comparable sales in a range of negative 1% to positive 1% for the remainder of the fiscal year. Shares rose 7% in premarket trading following the announcement.