Best Buy tops earnings estimates, revenue misses
Best Buy posted earnings that topped Wall Street expectations Tuesday, but revenue fell slightly short of estimates.
The consumer electronics retailers reported earnings of $1.48 a share, excluding one-time items, on revenue of $14.21 billion. Wall Street had expected the company to deliver quarterly earnings per share of $1.35 on $14.35 billion in revenue, according to a consensus estimate from Thompson Reuters.
The company additionally announced a special dividend of 51 cents a share.
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The consumer electronics retailer experienced strong holiday sales announcing $11.4 billion in enterprise revenue, a 2.6 percent increase in domestic comparable sales and a 13.4 percent increase in online comparable sales driven by higher conversion rates and increased traffic, according to CEO Hubert Joly in a press release.
However, Joly also warned the the holiday growth rate was lower than previous quarters due to last year's initial rollout of ship-from-store and the launch of two new gaming consoles and an industry-wide declinein tablets.
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