Best Buy Co BBY reported second-quarter earnings of $1.08, which beat the analyst consensus estimate of 99 cents per share. The company reported sales at $9.54 billion, which missed the $9.56 billion estimate.
Best Buy sees third-quarter EPS at $1-$1.05 versus the 94 cents estimate.
"For the second-quarter, we are reporting comparable sales growth of 1.6% on top of a very strong 6.2% last year," said CEO Corie Barry. "We also delivered improved profitability driven by gross profit rate expansion and continued disciplined expense management, demonstrating the culture we have built around driving cost reductions and efficiencies to help fund investments. I would like to thank all of our associates for delivering strong first half results."
Best Buy shares were trading down 6% at $64.89 in Thursday’s pre-market session. The stock has a 52-week high of $81.66 and a 52-week low of $47.72.
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