Best Buy (NYSE:BBY) shares were seen trading modestly higher in premarket Tuesday after the retailer reported its second-quarter results.
The company’s EPS of $1.22 on revenue of $9.58 topped analyst consensus for earnings of $1.07 per share on sales of $9.52B.
“Today we are reporting second quarter sales results that are at the high-end of the outlook we shared in May and profitability that was better than expectations,” said Corie Barry, Best Buy CEO. “These results continue to demonstrate our strong operational execution as we balance our reaction to the current industry sales pressure with our ongoing strategic investments.”
Comparable sales fell 6.2% year-over-year, better than the expected decline of 6.4%. U.S. sales dropped 6.3% while international sales were down 5.4%.
Another positive is that the gross margin was reported at 23.2%, beating expectations by 60 basis points.
For FY24, BBY sees EPS of $6.20 on revenue of $44.15B, which compares to the consensus for earnings of $6.08 on revenue of $44.3B.
BBY stock was up 1.3% in pre-open.