Best Buy reports 2% rise in comparable sales
Best Buy’s Q1 revenue reached $8.9 billion, with adjusted EPS up 11% to $1.28. The company’s results topped its earlier outlook, driven by strength in gaming, computing, and mobile.
The company’s domestic Marketplace GMV was about $250 million in the quarter. Best Buy still expects full-year gross profit rate improvement of roughly 30 basis points.
Best Buy kept its full-year guidance unchanged, despite outlining a major leadership transition and store strategy updates. The company plans to add smaller-format stores and expand Marketplace partnerships.
Holiday spending is expected to hit $1 Trillion, with Best Buy poised to benefit from the trend.