Best Buy Reports 1.6% Q1 Revenue Growth on Strong Mobile, Gaming Sales
Best Buy enterprise revenue reached $8.5 billion for the quarter ended April 29, up 1.6 percent from the year-ago quarter, said the company’s Thursday earnings release. Best Buy had growth in domestic and international segments on better-than-expected mobile sales and…
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strong performance in gaming and overall sales trends. In the U.S., Q1 revenue was $7.9 billion vs. $7.8 billion, which CEO Hubert Joly attributed to arrival of delayed federal tax refund checks. For fiscal Q2, Chief Financial Officer Corie Barry guided 1.5-2.5 percent enterprise revenue growth in the range of $8.6 billion to $8.7 billion, continuing Q1 momentum, and projected full-year growth of 2.5 percent, accounting for a 53-week year vs. a 52-week FY 2017, with the extra week coming in the holiday quarter. The company's stock closed up 22 percent Thursday to $61.27.