Best Buy's (BBY) second quarter results surpassed Wall Street's expectations on Thursday as new technology boosted the quarter, but the stock fell nearly 5% anyway.
"We drove growth across almost all our major product categories as well as continued strong performance in our Best Buy Ads and Marketplace initiatives," Best Buy CEO Corie Barry said in the release.
In the second quarter, the company posted same-store sales growth of 4.1%, well above Wall Street's 1.6% estimate and up from 1.6% in the same period last year.
Revenue came in at $9.8 billion, above the $9.6 billion expected, and adjusted earnings were $1.47 per share, also above the $1.38 per share expected. The company did see a $34 million benefit from tariff refunds in the quarter, which led to an adjusted operating income rate of 4.3%.
Best Buy said computing was the largest contributor to comparable sales growth, with sales jumping 6.8%. Due to higher memory costs, the company raised computing prices by a mid-teens percentage, and unit sales declined by high single digits.
#best #sales #above #wall
"We drove growth across almost all our major product categories as well as continued strong performance in our Best Buy Ads and Marketplace initiatives," Best Buy CEO Corie Barry said in the release.
In the second quarter, the company posted same-store sales growth of 4.1%, well above Wall Street's 1.6% estimate and up from 1.6% in the same period last year.
Revenue came in at $9.8 billion, above the $9.6 billion expected, and adjusted earnings were $1.47 per share, also above the $1.38 per share expected. The company did see a $34 million benefit from tariff refunds in the quarter, which led to an adjusted operating income rate of 4.3%.
Best Buy said computing was the largest contributor to comparable sales growth, with sales jumping 6.8%. Due to higher memory costs, the company raised computing prices by a mid-teens percentage, and unit sales declined by high single digits.
#best #sales #above #wall
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