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Best Buy beats forecasts and hits new highs


Best Buy Co Inc. shares rose 2.4% in Thursday premarket trading after the consumer electronics retailer reported first-quarter earnings that beat expectations.

US retailer reported earnings that exceeded forecasts in the first quarter. Shares are up by 2.4%

Stocks impacted: BBY

Net income was $265 million, or 98 cents per share, up from $208 million, or 72 cents per share, last year. Adjusted EPS was $1.02. Revenue totaled $9.14 billion, up from $9.12 billion in 2018. The FactSet consensus was for EPS of 87 cents and sales of $9.14 billion.

For the year, Best Buy expects sales of $42.9 billion to $43.9 billion, same-store sales growth of 0.5% to 2.5%, and adjusted EPS of $5.45 to $5.65. FactSet forecasts sales of $43.56 billion, same-store sales growth of 1.9% and EPS of $5.64. Best Buy stock has climbed 30.6% in 2019, outpacing the S&P 500 index SPX, -0.28% which is up 14% for the period.

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