Best Buy just released its Q1 financial results, and the numbers are mixed
Adjusted earnings per share climbed to $US0.33, beating expectations for $US0.19.
However sales were a bit weak. Revenue fell to $US9.04 billion, missing expectations for $US9.22 billion.
Comparable store sales fell 1.9%.
The company continues to move forward in improving the profitability of its operations.
However, management warns that sales will be weak until the electronics makers launch some new products.
“As we look forward to the second and third quarters, we are expecting to see ongoing industry-wide sales declines in many of the consumer electronics categories in which we compete,” warned CFO Sharon McCollam. “We are also expecting ongoing softness in the mobile phone category as consumers eagerly await highly-anticipated new product launches. Consequently, absent any major product launches, we are expecting comparable sales to be negative in the low-single digits in both the second and third quarters.”
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