What CEO? Best Buy (BBY) Ships, Delivers Q1 Beat; Slowing China Dampens Int'l Growth

May 22, 2012 9:13 AM EDT
Best Buy Co. (NYSE: BBY) reported first-quarter 2013 sales rose 2.1 percent to $11.61 billion, while comps dropped 5.3 percent in the period. The comparable-store sales drop was a 230 basis point increase from the same period last year.

Operating income for Best Buy fell 43 percent to $262 million, or 47 cents per share. After adjusting for one-time items, adjusted EPS came in at 72 cents, up 11 percent from last year.

The Street was looking for revs of $11.49 billion and EPS of 59 cents.

Most key metrics like total U.S. big box retail square feet and adjusted ROIC were flat year-over-year.

While Best Buy saw top-line growth in the U.S., International sales slipped 6.3 percent through the period. U.S. sales were driven by tablet and mobile devices, while International slow down was the result of "declines in the Five Star business stemming from the expiration of government sponsored programs and a slowdown in the Chinese economy."

Looking to fiscal 2013, Best Buy maintained prior FY13 EPS guidance of $3.50-$3.80.

Shares of Best Buy are volatile in the pre-market session Tuesday, swinging between positive and negative territory. The stock last traded at $18..1, down about 0.3 percent from Monday's close.

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