UPDATE: Best Buy Posts Upbeat Q1 Earnings, Projects Drop In Same-Store Sales

Best Buy Co

reported better-than-expected first-quarter earnings. The company said it projects a drop in its same-store sales in the second and third quarters. Best Buy posted its quarterly non-GAAP earnings of $0.33 per share, up from $0.32 per share, in the year-ago quarter. The company's GAAP earnings from continuing operations climbed to $1.31 per share from $0.29 per share. Its revenue fell to $9.035 billion from $9.347 billion. However, analysts were expecting earnings of $0.20 per share on revenue of $9.21 billion. Best Buy's US same-store sales slipped 1.3%, while comparable online sales surged 29.2%. The company's international comparable sales tumbled 5.8%. Hubert Joly, Best Buy president and CEO said, “This quarter reflects continued progress in our Renew Blue transformation. From a financial perspective, we delivered just over $9 billion in revenue and a better-than-expected $0.33 in non-GAAP diluted earnings per share. As expected, Domestic comparable sales declined 1.3%, in a context where sales in the Consumer Electronics industry continued to decline. Nevertheless, we achieved market share gainsin the U.S.3, fueled by our improved price competitiveness and an enhanced customer experience focused on advice, service and convenience. This was evidenced by our 250 basis-point year-over-year improvement in our Net Promoter Score.” Best Buy shares dipped 3.35% to $24.50 in pre-market trading.