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00:02Best Buy reported first quarter results that beat Wall Street expectations on both earnings and
00:07revenue, according to CNBC. Adjusted earnings per share came in at $1.28 versus $1.23 expected,
00:16while revenue reached $8.94 billion against an $8.83 billion estimate.
00:22Net income rose to $276 million from $202 million a year earlier.
00:30Comparable sales grew 2%, driven by gaming, computing, mobile phones and services,
00:35though appliance sales declined. The company reaffirmed its full-year guidance of revenue
00:41between $41.2 billion and $42.1 billion in adjusted earnings per share of $6.30 to $6.60.
00:51Best Buy also named Jason Bonfig as its next CEO, replacing Corey Berry in the fall as the
00:59retailer works to accelerate sales growth. Shares rose roughly 7% in pre-market trading.
01:04For all things money, visit Benzinga.com.
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