Best Buy sales and earnings beat expectations

Best Buy reported earnings on Thursday morning, beating on earnings and revenues in the first quarter.

The consumer electronics company reported earnings of 37 cents, beating analysts’ forecasts for earnings of 29 cents, according to Bloomberg.

The company posted revenues of $US8.56 billion, versus forecasts for $US8.46 billion.

In the release, CEO Hubert Joly wrote: “”Enterprise revenue of $US8.6 billion, in addition to our non-GAAP operating income rate and non-GAAP diluted EPS, all exceeded our expectations during the quarter due to a stronger-than-expected performance in the Domestic business.”

“While the Consumer Electronics industry is subject to product cycles, we are excited about the role that technology plays in people’s lives and the opportunities that this creates.”

More to come…

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