By Christiana Sciaudone
Investing.com -- Best Buy Co Inc (NYSE:BBY) fell more than 5% despite a resounding earnings beat, largely because we're all set up now.
The company reported second quarter earnings per share of $1.71 compared to the expected 99 cents on sales of $9.91 billion, versus estimated revenue of $9.63 billion.
And while the company expects third quarter sales will be higher than last year's, it won't be as good as it has been, Chief Financial Officer Matt Bilunas said in a statement.
Sales are up about 20% in the first three weeks of the third quarter, said Chief Executive Officer Corie Barry.
“Overall, as we plan for the back half of the year, we continue to weigh many factors including potential future government stimulus actions, the current shift in personal consumption expenditures from areas like travel and dining out, the possible depth and duration of the pandemic, the risk of higher unemployment over time, and the availability of inventory to match customer demand," Bilunas said.
Domestic revenue of $9.13 billion increased 3.5% versus last year, and international revenue of $782 million increased 9.4% versus last year.
Shares hit an all time high on Monday. The stock has nine buy ratings, eight holds and no sells.