On Tuesday, shares of consumer electronics retailer Best Buy Company Inc. (BBY Quick QuoteBBY - Free Report) are down over 6% in morning trading after the company reported its first quarter fiscal 2016 earnings.

Q1 earnings came in at $0.44 per share, beating the Zacks Consensus Estimate of $0.35 per share and rising 19% year-over-year. Total revenues of $8.443 billion topped our consensus estimate of $8.33 billion but declined 1.3% year-over-year.

Comparable-store sales were down 0.1% against a rise of 0.6% in the prior-year period, while comparable-online sales surged 23.9% to $832 million. The upside was driven by improved traffic and conversion rates.

Despite a solid quarterly performance, Best Buy has forecasted weak second-quarter guidance. Revenues are projected to be in the range of $8.35-8.45 billion, representing a drop in the range of 2.1-0.9%. Earnings is expected to fall in the range of $0.38-0.42 per share compared with $0.49 in the prior-year quarter; Zacks currently estimates $0.50 per share for the second quarter.

Best Buy forecasts comparable sales to remain flat-year-over-year, and international revenues to decline 5-10%.

Best Buy holds a #2 (Buy) on the Zacks Rank.

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