NEW YORK: Best Buy delivered quarterly earnings that topped analysts’ expectations on Thursday, but the company reported lower-than-expected quarterly comparable sales due to weak demand for mobile phones and tablets and lower revenue from services such as repairs and extended warranties.
Best Buy said its same-store sales rose 0.5 percent in the third quarter, excluding the impact of installment billing plans. Analysts on average had expected a rise of 0.8 percent, according to research firm Consensus Metrix.
Best Buy said sales of TVs, desktop and notebook computers and cameras were also weak industry-wide.
The net income attributable to the company’s shareholders rose to $125 million, or 36 cents per share, in the quarter ended Oct. 31 from $107 million, or 30 cents per share, a year earlier.
Excluding items, Best Buy earned 41 cents per share from continuing operations.
Revenue fell 2.3 percent to $8.82 billion.
Wall Street expected the company to deliver quarterly earnings per share of 35 cents on $8.83 billion in revenue, according to consensus estimates from Thomson Reuters.
