Best Buy tops expectations in Q1, online revenue and mobile sales up
Best Buy on Tuesday reported results for the first quarter of 2012. The electronics retail giant posted better-than-expected earnings per share, despite declining store sales. Revenue came in at $11.6 billion, ahead of analysts’ consensus of $11.52 billion, and non-GAAP earnings came in at $0.72 per share, up 11% from the same quarter in 2011 and beating the Street’s estimates of $0.59 per share. Domestic online revenue rose by 20%, and domestic mobile-phone sales increased by 13%. “Best Buy is in a turnaround, and the strategic priorities we laid out at the beginning of the year are just the first phase of the changes to come,” said Mike Mikan, CEO (interim) of Best Buy. “We know we have to better adapt to the new realities of the marketplace, and we are creating a long-term plan designed to make Best Buy more relevant with customers and position the company for sustained, profitable returns in the years ahead. First quarter results were in-line with our expectations, and we are reaffirming our previously provided annual guidance for fiscal 2013.” Best Buy’s press release follows below.
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