Best Buy reported fiscal first quarter earnings that missed revenue estimates but beat on EPS and reaffirmed full-year guidance. Comparable sales and online sales fell over 6% overall as demand for consumer electronics remained soft. Profits were supported by cost-cutting measures like layoffs and trimmed capital expenditures. The company expects sales trends to improve over the next 3 quarters gradually but macro headwinds from inflation remain a challenge. Shares jumped 10% on the results.
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00:00It's Benzinga and here's what's on the block.
00:02Best Buy reported fiscal first-quarter earnings that missed revenue estimates but beat on EPS
00:07and reaffirmed full-year guidance. Comparable sales and online sales fell 6% overall as demand
00:13for consumer electronics remained soft. Profits were supported by cost-cutting measures like
00:17layoffs and trimmed capital expenditures. The company expects sales trends to gradually improve
00:22over the next three quarters, but macro headwinds from inflation remain a challenge.
00:26Shares jumped 10% on the results. For all things money visit Benzinga.com