Best Buy is tumbling after a disappointing outlook
Shares of electronics retailer Best Buy are sliding Tuesday morning in pre-market trading after the company reported better than expected earnings, but lackluster guidance.
Earnings beat analyst estimates for earnings at $0.44 per share versus forecasts of $0.36 per share. Additionally, comparable store sales were down more than expected at only -0.1% against estimates of -1.6%.
Guidance, however, was weak. The company expects earnings for the second quarter of $0.38 to $0.42 per share, against expectations of $0.50 a share. Additionally, the company forecasts that second quarter international sales decline 5% to 10%.
In addition, Best Buy announced that CFO Sharon McCollam will be replaced by strategic growth officer Corie Barry. McCollam came out of retirement in 2012 to assume the role.
Shares of the company are tumbling in pre-market trading, down around 5% to $31.36 a share.
- 2 states where home prices are falling because there are too many houses and not enough buyers
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore