Best Buy (NYSE:BBY) shares soared Tuesday. The electronics posted mixed results as the retailer’s holiday-quarter sales declined and missed Wall Street’s expectations, but its earnings topped estimates as it showed improved profitability.
For the current fiscal year, the consumer electronics retailer expects revenue to range between $41.2 billion and $42.1 billion, compared with $41.69 billion in the most recent fiscal year. It expects adjusted earnings per share to range from $6.30 to $6.60, after it reported adjusted earnings per share of $6.43 for the previous fiscal year.
Best Buy anticipates that comparable sales, a metric that tracks sales online and in stores open at least 14 months, will range from a decline of 1% to an increase of 1%.
In a news release, CEO Corie Barry said demand for consumer electronics remained lackluster during the gift-giving season, but the company’s internal data indicates that Best Buy’s market share in the industry “was at least flat.”
Chief Financial Officer Matt Bilunas said in his own statement that the company is “excited about the momentum in our business.” But he added that company leaders “expect to continue to navigate a mixed macro environment.”
Shares jumped $3.76, or 6.1% in early Tuesday trading to $65.35.
