Noting strong results across all channels and geographies, Best Buy reported better-than-expected results for the first quarter ended May 5.
Company-wide, total enterprise sales were $9.1 billion, up from sales of $8.5 billion in the first quarter of 2017. Domestic revenue increased 6.3% to $8.4 billion driven by comparable store sales growth of 7.1%. Net earnings were $208 million, up from $188 million in the comparable quarter the previous year, with diluted earnings per share coming in at $0.72, an increase over 2017’s $0.60.
From a merchandising standpoint, the company generated comparable sales growth across most of its categories with the largest drivers being appliances, mobile phones, computing, tablets and smart home.
“The top-line strength is the result of continued healthy consumer confidence, product innovation in multiple areas of technology, and our unique value proposition resonating with customers,” said Hubert Joly, Best Buy’s chairman and CEO. “We are executing well and customers are responding positively to the unique experience we provide to them online, in stores and in their homes.”
For the second quarter, Best Buy officials expect enterprise revenue to be between $9.1 billion to $9.2 billion, with domestic comparable store sales expected to grow between 3% and 4%.