{"id":110,"date":"2026-05-28T16:49:14","date_gmt":"2026-05-28T16:49:14","guid":{"rendered":"https:\/\/interstatemovingexpertss.com\/?p=110"},"modified":"2026-05-28T16:49:14","modified_gmt":"2026-05-28T16:49:14","slug":"best-buy-stock-climbs-15-on-earnings-beat-as-retailer-aims-to-reinvigorate-sales","status":"publish","type":"post","link":"https:\/\/interstatemovingexpertss.com\/?p=110","title":{"rendered":"Best Buy stock climbs 15% on earnings beat as retailer aims to reinvigorate sales"},"content":{"rendered":"<div>\n<div>\n<div>\n<div>\n<p>In this article<\/p>\n<\/div>\n<ul>\n<li><span>BBY<\/span><span><button><\/button><\/span><\/li>\n<\/ul>\n<\/div>\n<div><button><span><span>Follow your favorite stocks<\/span><span>CREATE FREE ACCOUNT<\/span><\/span><\/button><\/div>\n<\/div>\n<div>\n<p><span>Best Buy<span><span><button><\/button><\/span><\/span><\/span> on Thursday reported fiscal first-quarter results that beat expectations on the top and bottom lines as the electronics retailer tries to break out of a sales slump.<\/p>\n<p>Read more <a href=\"https:\/\/interstatemovingexpertss.com\/?p=108\">Reality star\u2019s long shot L.A. mayoral candidacy becomes surprise test for Democrats<\/a><\/p>\n<p>The company said revenue climbed slightly, driven by comparable sales growth of 2%. It reaffirmed its full-year guidance of revenue between $41.2 billion and $42.1 billion, in addition to adjusted earnings per share of $6.30 to $6.60. It expects comparable sales in the range of a decline of 1% to an increase of 1%. <\/p>\n<p>The company said its biggest growth drivers in the quarter were gaming, computing, mobile phones and services, which were partially offset by a decline in sales of appliances. <\/p>\n<p>Shares of Best Buy rose 15% in morning trading.<\/p>\n<p>&#8220;Our comparable sales grew 2% versus last year, higher than our outlook, with positive comps across the majority of our major product categories and strong performance in our Best Buy Ads and Marketplace initiatives,&#8221; CEO Corie Barry said in a release. &#8220;We also drove operating income rate expansion and EPS growth.&#8221;<\/p>\n<p>More retailers including <span>Walmart<span><span><button><\/button><\/span><\/span><\/span> and <span>Target<span><span><button><\/button><\/span><\/span><\/span> have leaned into advertising and third-party marketplace businesses, which offer sales growth with higher profit margins than their traditional merchandise does. <\/p>\n<p>Here&#8217;s how Best Buy performed in its fiscal first quarter compared with what Wall Street was expecting, according to a survey of analysts by LSEG:<\/p>\n<ul>\n<li>$1.28 adjusted vs. $1.23 expected<\/li>\n<li>$8.94 billion vs. $8.83 billion expected<\/li>\n<\/ul>\n<p>For the period ended May 2, Best Buy reported net income of $276 million, or $1.31 per share, up from $202 million, or 95 cents per share, in the year-ago period. Revenue rose slightly to $8.94 billion from $8.77 billion the prior year. Excluding one-time expenses, including charges incurred for restructuring its health business, Best Buy reported adjusted earnings per share of $1.28 per share.<\/p>\n<p>The earnings come just over a month after the company named Jason Bonfig as its new CEO, succeeding Barry in the fall. The leadership change was part of Best Buy&#8217;s efforts to increase sales and accelerate its business. <\/p>\n<p>&#8220;With this momentum, I believe it is the right time to transition the leadership of Best Buy, and step down as CEO later this year,&#8221; Barry said in a statement Thursday.<\/p>\n<p>Read more <a href=\"https:\/\/interstatemovingexpertss.com\/?p=105\">New York passes Mamdani\u2019s pied-a-terre tax. Here\u2019s who pays and how much<\/a><\/p>\n<p>Bonfig said in the Thursday release that he&#8217;s focused on expanding the company&#8217;s reach and elevating the experience for customers as he prepares to take the helm on Nov. 1. <\/p>\n<p>On a call with reporters on Thursday, Bonfig said the company is leaning into leveraging artificial intelligence with OpenAI and Gemini to improve the customer experience. <\/p>\n<p>Barry also said Best Buy is seeing customers are under pressure from macroeconomic factors like higher gas prices and inflation, but consumers remain &#8220;resilient.&#8221;<\/p>\n<p>&#8220;Technology is more important in people&#8217;s lives than it has ever been, and that means everyone is looking for ways they can optimize their life, and they&#8217;re looking for ways they can optimize their technology,&#8221; Barry told reporters.<\/p>\n<p>Best Buy has been struggling with a sales slump, taking additional hits from higher tariffs and lower consumer confidence. Last quarter, Barry said the company was seeing a divergence in higher-income shoppers and lower-income shoppers, with softness in higher-cost item sales. <\/p>\n<p>Barry said on a call with analysts on Thursday that the company is not concerned rising memory costs will affect electronics purchases.<\/p>\n<p>&#8220;We are not seeing any indicators that would say the customer is pulling forward purchases, and in fact, very few really are worried about &#8216;memory,'&#8221; Barry said. <\/p>\n<p>She added that the company is the importer of record for between 2% and 3% of its sales, so while it is &#8220;complying with phase one of the tariff refund process,&#8221; it expects any money it gets back to be small in the context of its overall sales. <\/p>\n<p>Read more <a href=\"https:\/\/interstatemovingexpertss.com\/?p=102\">Airlines, hotels warn against Trump admin threat to international flights to \u2018sanctuary cities\u2019<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Best Buy reported better-than-expected earnings on Thursday as the company works toward turning around its sales slump.<\/p>\n","protected":false},"author":1,"featured_media":109,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-110","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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