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Best Buy sales jump 36% as stimulus, spending spree sustains demand for consumer electronics

Best Buy sales jump 36% as stimulus, spending spree sustains demand for consumer electronics

FINANCIAL NEWS

Best Buy sales jump 36% as stimulus, spending spree sustains demand for consumer electronics

Customers wait outside of a Best Buy store in downtown Toronto, Ontario on November 23, 2020 to pick up their online orders.Geoff Robbins | AFP | Getty ImagesBest Buy said Thursday that sales grew 36% in the fiscal first quarter, as shoppers’ stimulus-fueled spending spree included consumer electronics.Shares of the company nearly 3% in premarket trading after the home electronics and appliance retailer raised its forecast. Here’s what the company reported for the fiscal quarter ended May 1 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:Earnings per share: $2.23 adjusted vs. $1.39 expectedRevenue: $11.64 billion vs. $10.44 billion expectedBest Buy’s first-quarter net income rose to $595 million, or $2.32 per share, up from $159 million, or 61 cents per share, a year earlier.Excluding items, it earned $2.23 per share, more than the $1.39 per share expected by analysts surveyed by Refinitiv.Net sales rose to $11.64 billion from $8.56 billion a year earlier, outpacing estimates of $10.44 billion.Chief Financial Officer Matt Bilunas said Best Buy expects same-store sales to grow 3% to 6% this year. He had previously said they would range from a decline of 2% to growth of 1%.As of Wednesday’s close, Best Buy shares are up 17% so far this year. Shares hit a 52-week high of $128.57 earlier this month and closed Wednesday at $116.96. The company’s market value is $29.29 billion.This story is developing. Please check back for updates.


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