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MarketWatch MarketPulseMay 21, 2020
Best Buy's stock rises after profit, revenue and same-store sales fall less than expected
Shares of Best Buy Co. Inc. rallied 1.7% in premarket trading Thursday, after the consumer electronics retailer reported fiscal first-quarter profit, revenue and same-store sales that fell less than expected. Net income for the quarter to May 2 fell to $159 million, or 61 cents a share, from $265 million, or 98 cents a share, in the year ago period. Excluding non-recurring items, adjusted earnings per share fell to 67 cents from $1.02, but was above the FactSet consensus of 49 cents. Revenue fell 6.3% to $8.56 billion, beating the FactSet consensus of $8.24 billion. Overall same-store sales declined 5.3%, but was better than the FactSet consensus for an 8.6% drop. Domestic same-store sales fell 5.7% to beat expectations of an 11.1% drop, while international same-store sales grew 0.2% to beat expectations of an 11.9% decline. ""In the middle of Q1, we shifted all our stores to a curbside-only operating model and were able to retain approximately 81% of last year's sales during the last six weeks of the quarter, even though not a single customer set foot in our stores," said Chief Executive Corie Barry. On May 4, the company started opening stores, following strict social distancing measures and with the use of protective equipment. The company said about 700 stores, or 70%, are now open. The stock has declined 9.7% over the past three months through Wednesday, while the S&P 500 has lost 11.0%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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