Consumer electronics retailer Best Buy (BBY) on Thursday demolished Wall Street’s targets for its fiscal first quarter. BBY stock rose in early trading.
The Richfield, Minn.-based company earned an adjusted $2.23 a share on sales of $11.64 billion in the quarter ended May 1. Analysts expected Best Buy earnings of $1.42 a share on sales of $10.43 billion, according to S&P Global Market Intelligence. In the year-earlier period, Best Buy earnings were 67 cents a share on sales of $8.56 billion.
In premarket trading on the stock market today, BBY stock advanced 2.8%, near 120.20. Heading into the earnings report, BBY stock had been trending sideways for about two months.
Earnings details to follow.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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