Best Buy Co. Inc reported first quarter earnings that topped analysts’ expectations. The retail company, however, suspended its full-year guidance.
The company’s non-GAAP earnings for the three months ending on May 2 came in at 67 cents per share, exceeding the the Street estimate of 43 cents per share . But the figure is down -34.3% from the same period last year.
Revenue declined -6.8% year-over-year to $8.56 billion in the quarter, but surpassed analysts' expectations. Online sales, surged +155.4% year-over-year, while comparable physical store sales dropped -5.3% amid the COVID-19 pandemic
Best Buy suspended its full-year earnings forecast. It said around 700 of is U.S. locations are up-and-running albeit with strict social distancing rules. The company is assessing possibilities of expansion of store hours, as well as scrapping the 'appointment only' condition at some of its stores.