People wearing masks walk past a large face mask sign in front of a Best Buy near Columbus Circle that as the city enters Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on July 22, 2020 in New York City.
Alexi Rosenfeld | Getty Images
Best Buy on Tuesday reported strong sales growth as customers bought computers, kitchen appliances and other tech to help them work, cook and attend school at home during the coronavirus pandemic.
Shares of the company were down about 2% in premarket trading.
Here’s what the company did in the fiscal second quarter ended Aug. 1:
- Earnings per share: $1.71, adjusted, vs. $1.08 expected by Refinitiv’s consensus estimates
- Revenue: $9.91 billion vs. $9.71 billion expected by Refinitiv estimates
- Same-store sales growth: 5.8% vs. 2.3% expected, according to FactSet
The national retailer reported second-quarter net income of $432 million, or $1.65 per share, a significant increase from $238 million, or 89 cents per share, a year earlier.
Excluding items, it earned $1.71 per share, higher than the $1.08 per share expected by analysts surveyed by Refinitiv.
Revenue was $9.91 billion, up from $9.54 billion a year earlier.
Sales at stores open at least a year grew by 5.8%, higher than the 2.3% that Wall Street expected.
