Best Buy posted third quarter earnings that crushed analysts’ expectations.
The consumer electronics retail company’s adjusted earnings for the quarter came in at $1.38, well above analysts’ expectations of $1.03 per share.
Revenue of $10.59 billion also topped consensus of $10.31 billion expected.
Comparable sales decreased by -10.4%, less sharp vs. - 12.9% that analysts expected( according to FactSet) . Best Buy’s Chief Financial Officer Matt Bilunas had anticipated a more than -12.1% drop in the second quarter.
During a call with investors, CEO Corie Barry said sales decreased across most of Best Buy’s product categories and the largest decrease was experienced by computing and home theater. However, she also mentioned that compared to the same quarter in 2019, its computing revenue is +23% higher and its appliances revenue remains +37% higher (according to a CNBC report).