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Best Buy Beat Predictions

|Includes: Best Buy Co., Inc. (BBY)

Originally published at www.seclive.com

Best Buy Co., Inc. (NYSE:BBY) announced its financial results for the first fiscal quarter of 2015, beating adjusted earnings predictions. The electronics retail giant reported earnings of $461M and $1.31 per share, a swing from the $81M net loss and $0.24 losses per share posted in the year-ago quarter. The company missed analyst $9.21B predictions on revenue with a decline from $9.35B last year to $9.04B this quarter, though adjusted earnings per share of $0.33 exceeded analyst predictions. Sales in Canada, Mexico, and China hurt overall revenue the most, with a 10.5% decline in international. Domestic revenue fell 2.1% while domestic comparable online sales rose 29.2%. Executive Vice President and CFO Sharon McCollam remarked that the company is projecting declining sales across the industry with particularly soft demand in mobile phones while consumers wait on new product launches.

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