Why Best Buy's Stock Is Trading Lower Today

Best Buy Co., Inc. BBY shares are trading lower after the company reported first-quarter results. While EPS and sales were better than expected, domestic comps were down 5.7% year over year.

The company reported the 5.7% decline in domestic sales was driven by the loss of revenue from 24 permanent store closures in the past year.

Best Buy is one of the largest consumer electronics retailers in the U.S., with products and services in personal consumer electronics and appliances.

Best Buy's stock was down 4.08% at $78.17 on Thursday at the time of publication. The company has a 52-week high of $91.99 and a 52-week low of $48.11.