- Best Buy beat first-quarter estimates for both the top and bottom lines.
- Digital-sales growth slowed versus a year ago.
- Shares fall more than 5%.
Best Buy is down more than 5% in pre-market trading Thursday after reporting first-quarter results that beat on both the top and bottom lines, but included slowing digital sales. The company reported online-sales growth of 12%, a slow-down from from last year's first-quarter growth of more than 22%.
The consumer-electronics store reported earnings of $0.82 per share, beating the $0.75 expected from analysts surveyed by Bloomberg. Revenue of $9.1 billion topped the estimated $8.74 billion.
"The top-line strength is the result of continued healthy consumer confidence, product innovation in multiple areas of technology, and our unique value proposition resonating with customers," CEO Hubert Joly said in a press release.
Best Buy forecast second-quarter revenue of $9.1 billion-$9.2 billion, domestic comp sales of 3%-4%, and international comp sales of 1 %-4%. The company did not update its full-year guidance, suggesting it was too early in the year.
Best Buy is up more than 8% this year.