Best Buy Co (NASDAQ:BBBY) shares opened Thursday’s trading session on a positive footing, after the retail electronics giant reported second-quarter earnings of $1.08, which beat the analyst consensus estimate of 99 cents per share.
The company reported sales at $9.54 billion, which missed the $9.56 billion estimate.
Best Buy sees third-quarter EPS at $1-$1.05 versus the 94 cents estimate.
Retailers in general received some good news earlier in August when President Trump delayed some tariffs on Chinese imports to avoid a potential negative impact on the all-important holiday shopping period.
"We're doing this for the Christmas season," Trump said at the time. "Just in case some of the tariffs would have an impact on U.S. customers."
"For the second-quarter, we are reporting comparable sales growth of 1.6% on top of a very strong 6.2% last year," said CEO Corie Barry.
"We also delivered improved profitability driven by gross profit rate expansion and continued disciplined expense management, demonstrating the culture we have built around driving cost reductions and efficiencies to help fund investments. I would like to thank all of our associates for delivering strong first half results."
Shares acquired 17 cents, or 2.2%, to $8.71
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