Best Buy Beats on Revenue After Sale of European Business
Best Buy (NYSE: BBY) released first quarter earnings for a 13 week period as compared to a 14 week period in 2012. The retailer beat EPS estimates by a whopping 28 percent while recording 9.38 billion of revenue.
Best Buy recently sold its stake in the European division; if European revenue were included, the company would have recorded 10.8 billion in revenue, beating analyst estimates of 10.7 billion
Removing the additional week in 2012, domestic revenue fell 2.2 percent year over year with same store sales declining 1.1 percent. This discrepancy can be attributed to the closing of 49 stores over the past year. The report noted a strong increase in mobile phone sales with declines in gaming and home theater sales.
International revenue fell 5.1 percent, excluding the additional week. This corresponds with a same store sales decrease of 2.8 percent.
Best Buy did not give Q2 guidance. Shares closed at $26.81 Monday.
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