Best Buy Co., Inc. (BBY Quick QuoteBBY - Free Report) , the specialty retailer of consumer electronics, came out with first-quarter fiscal 2018 results, wherein adjusted earnings of 60 cents per share beat the Zacks Consensus Estimate of 40 cents, and increased 40% from the prior-year quarter.

Including one-time items from continuing operations, quarterly earnings came in at 60 cents per share, down 13% from 69 cents delivered in the year-ago quarter.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2018 has increased by 2 cents in the past 30 days. In the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of about 27.7%.

Revenues: Best Buy generated total revenue of $8,528 million, up 1% from the year-ago period and also came ahead of the Zacks Consensus Estimate of $8,264 million. Further, Enterprise comparable-store sales (comps) grew 1.6%.

Outlook: Best Buy updated its guidance for fiscal 2018 (comprising 53 weeks). Management projects Enterprise revenue to rise nearly 2.5% versus 1.5% guided earlier. Further, on 52-weeks basis, the same is expected to rise 1% year-over-year.

For the second quarter of fiscal 2018, Enterprise revenue is anticipated in the band of $8.6–$8.7 billion. Further, both the Enterprise and Domestic comps are expected to grow in the range of 1.5–2.5%. However, International comps are projected in the band of flat to up 3%. Moreover, adjusted earnings per share for the fiscal second quarter are anticipated in the range of 57–62 cents. The Zacks Consensus Estimate is pegged at 60 cents.

Key Events: During the fiscal first quarter, Best Buy returned approximately $478 million via share repurchases and dividends. Moreover, it declared to buy back $3 billion of shares in the next two-year period.

Zacks Rank: Currently, Best Buy carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Stock Movement: Best Buy’s shares are up nearly 11.6% during the pre-market trading hours..

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

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