The company’s results, announced Thursday, beat Wall Street estimates, however. The Richfield, Minnesota-based retailer downgraded its sales outlook but raised its earnings view for the current fiscal year. Shares rose more than 7% Thursday.
Best Buy reported earnings of $291 million, or $1.34 per share for the three-month period ended Aug. 3. That compares with $274 million, or $1.25 per share, in the year-go period.
Sales slipped 3% to $9.29 billion from $9.58 billion in the quarter.
Analysts were expecting $1.16 per share on sales of $9.23 billion, according to FactSet.
Comparable sales — those sales from online channels and physical stores — fell 2.3%. That was a smaller decline from the 6.1% reported in the previous quarter.
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