Best Buy Co., Inc. (BBY Quick QuoteBBY - Free Report) , the specialty retailer of consumer electronics, came out with first-quarter fiscal 2017 results, wherein adjusted earnings of 44 cents per share beat the Zacks Consensus Estimate of 35 cents, and increased 18.9% from the prior-year quarter.

Including one-time items and discontinued operations, quarterly earnings came in at 70 cents per share compared with 36 cents in the year-ago quarter.

Management now projects earnings in the range of 38 cents to 42 cents a share for the second quarter of fiscal 2017. The current Zacks Consensus Estimate for the second quarter now stands at 50 cents, and could witness a downward revision in the coming days.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has remained constant over the past 7 days. In the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of about 24.5%.

Revenues: Best Buy generated total revenue of $8,443 million that fell 1.3% year over year, but came ahead of the Zacks Consensus Estimate of $8,330 million. Consolidated comparable-store sales fell 0.1%.

Management now forecasts Enterprise revenue between $8.35 billion and $8.45 billion and expects Enterprise comparable sales to be flat during the second quarter of fiscal 2017.

Key Event: During the quarter under review, the company bought back 3.2 million shares for a total of $97 million.

Zacks Rank: Currently, Best Buy carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement.

Stock Movement: Best Buy’s shares are down nearly 4% during pre-market trading hours following the earnings release.

Check back later for our full write up on Best Buy’s earnings report!

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