Best Buy (NYSE:BBY) earnings for first quarter of fiscal 2021 have BBY stock falling on Thursday. That comes despite its adjusted earnings per share (EPS) of 67 cents beating out Wall Street’s estimate of 60 cents. Its revenue of $8.56 billion also comes in above analysts’ estimates of $8.35 billion.
Here’s what else is worth mentioning from the most recent Best Buy earnings report.
- Adjusted per-share earnings are down 34.3% compared to $1.02 in the first quarter of fiscal 2020.
- Revenue for the quarter is sitting 6.4% lower than the $9.14 billion reported during the same time last year.
- Operating income of $229 million is a 31.4% drop year-over-year from $334 million.
- The Best Buy earnings report also has net income coming in at $159 million.
- That’s a 40% decline compared to its net income of $265 million in the same period of the year prior.
Corie Barry, CEO of Best Buy, said the following in the earnings report:
“In the middle of Q1, we shifted all our stores to a curbside-only operating model and were able to retain approximately 81% of last year’s sales during the last six weeks of the quarter, even though not a single customer set foot in our stores. The strong sales retention is a testament to the strength of our multi-channel capabilities and the strategic investments we have been making over the past several years.”
Best Buy doesn’t discuss guidance in the current quarter. That’s due to it withdrawing its outlook back in March due to the novel coronavirus. Many other companies have done the same.
BBY stock ended the day Thursday down 4.4%.
As of this writing, William White did not hold a position in any of the aforementioned securities.