WASHINGTON (dpa-AFX) - Best Buy Co. (BBY) said its comparable sales grew 2% for the 13-week first quarter ended May 2, 2026, higher than its outlook, with positive comps across the majority of major product categories and strong performance in Best Buy Ads and Marketplace initiatives. Adjusted operating income rate was 4.1% compared to 3.8%, a year ago.
Matt Bilunas, Best Buy CFO, said. 'Comparable sales have started strong in May, with month-to-date growth up high single digits. Our comparable sales outlook for the full quarter is approximately 1.0% growth. We expect our second quarter adjusted operating income rate to be approximately 3.9%, which is flat to last year.'
The company reiterated fiscal 2027 financial guidance: revenue of $41.2 billion to $42.1 billion, comparable sales change of a decline of 1.0% to an increase of 1.0%; adjusted operating income rate of 4.3% to 4.4%; and adjusted EPS of $6.30 to $6.60. The company still expects to spend approximately $300 million on share repurchases during fiscal 2027.
First quarter earnings totaled $276 million, or $1.31 per share. This is compared with $202 million, or $0.95 per share, last year. Adjusted EPS increased to $1.28 from $1.15. Revenue rose to $8.94 billion from $8.77 billion, last year.
The company announced its board of directors has authorized the payment of a regular quarterly cash dividend of $0.96 per common share. The regular quarterly dividend is payable on July 9, 2026, to shareholders of record as of the close of business on June 18, 2026.
In pre-market trading on NYSE, Best Buy shares are up 10.26 percent to $71.16.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
