Best Buy posts first quarter earnings beat amid discretionary spending pressures By Investing.com

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Best Buy posts first quarter earnings beat amid discretionary spending pressures

Published May 25, 2023 20:06

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Best Buy posts first quarter earnings beat amid discretionary spending pressures

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Investing.com -- Best Buy Co. Inc. (NYSE:BBY) reported better-than-expected net income in the first quarter and maintained its full-year outlook, as gaming and services demand helped partially offset a downturn in discretionary spending that has impacted other retail rivals.

The chain known for its big-ticket items like televisions and computers posted adjusted net earnings of $1.15 per share during the three months ended on April 29, topping average analyst projections of $1.11 per share.

Shares in Best Buy gained in premarket trading on Thursday.

The firm, like many of its peers, has been rolling out price decreases as recent cost-of-living pressures force many Americans to rein in nonessential expenditures. Total enterprise revenue subsequently dipped by just over 11% to $9.47 billion, missing estimates.

However, unlike big-box rivals like Target (NYSE:TGT) and Home Depot (NYSE:HD), Best Buy backed its outlook for its 2024 fiscal period. The company is expecting to register revenue of $43.8B to $45.2B and unadjusted diluted earnings per share of $5.70 to $6.50.

Chief financial officer Matt Bilunas noted that the guidance assumes that the consumer electronics industry will continue to face headwinds, but added that a "high degree of uncertainty" still surrounds U.S. consumer sentiment.

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Best Buy posts first quarter earnings beat amid discretionary spending pressures

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