Helped by strong demand for electronics such as large screen TVs, smart phones and appliances, Best Buy Co., Inc., one of the largest electronics retailers in the U.S. has a lot to shout about given its performance in its first-quarter report which ended May 2, 2015.
The company in a strategic move has cut cost and consolidated its position and the rest is history as the mantra goes.
The company reported better- than-expected profit and sales.
Hubert Joly, Best Buy president and CEO, said, “While merchandising, marketing and operational execution were the tactical drivers of our better-than-expected first-quarter financial results, strategically, we believe the cumulative impact of the progress we have made to improve our multi-channel customer experience is what has allowed us to consistently outperform the market.”
The CEO also said the company’s performance is partly due to a strategy of delivering ‘Advice, Service and Convenience at Competitive Prices’ that continued to resonate well with customers.
The net income attributable to Best Buy’s shareholders fell to $129 million, or 36 cents per share, during the quarterly period. In comparative terms it is a far cry from earnings of $461 million, or $1.31 per share, a year earlier.
Excluding one-time items, the company earned 37 cents per share versus 35 cents in the same time a year ago.
Revenue fell 1 percent to $8.56 billion.
Analysts had expected a profit of 29 cents per share and revenue of $8.46 billion, according to press reports.
Best Buy’s shares were up 5.4 percent at $35.6 in mid-morning trade.
Readers Bureau, Contributor
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