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Best Buy: Fiscal Q1 Earnings Snapshot

May 24, 2022 GMT

RICHFIELD, Minn. (AP) _ Best Buy Co. (BBY) on Tuesday reported fiscal first-quarter net income of $341 million.

On a per-share basis, the Richfield, Minnesota-based company said it had net income of $1.49. Earnings, adjusted for amortization costs and restructuring costs, came to $1.57 per share.

The results fell short of Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.59 per share.

The consumer electronics retailer posted revenue of $10.65 billion in the period, which topped Street forecasts. Nine analysts surveyed by Zacks expected $10.43 billion.

Best Buy expects full-year earnings in the range of $8.40 to $9 per share, with revenue in the range of $48.3 billion to $49.9 billion.

Best Buy shares have declined 29% since the beginning of the year, while the S&P’s 500 index has fallen 17%. The stock has decreased 37% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BBY at https://www.zacks.com/ap/BBY