Best Buy Q1 Earnings Beat Analyst Estimate

Best Buy Co BBY has reported first quarterly earnings of $1.02 per share, which beat the analyst consensus estimate of 86 cents by 18.6 percent. This is a 24.39 percent increase from the same period in 2018.

Best Buy reported first-quarter sales of $9.142 billion, which beat the analyst consensus estimate of $9.13 billion by 0.13 percent. This is a slight increase over sales of $9.109 billion the same period last year.

"As you know, we made an exciting announcement last month. On June 11, 2019, Corie Barry will become the fifth CEO in Best Buy's 53-year history. At that time, I will transition to the newly created role of executive chairman of the board. I am very proud of the seamless transition we have decided to implement, as it reflects positively on our momentum as well as our focus on executive development and succession planning," CEO Hubert Joly said in a press release.

Best Buy shares traded at $70.61 Thrusday morning, higher by 2 percent.

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Photo courtesy of Best Buy.