Best Buy Earnings Beat Expectations

Adjusted earnings per share came in at $0.33, beating expectations for $0.19.

However sales were a bit weak. Revenue of $9.04 billion missed expectations for $9.22 billion.

"As we look forward to the second and third quarters, we are expecting to see ongoing industry-wide sales declines in many of the consumer electronics categories in which we compete," warned CFO Sharon McCollam. "We are also expecting ongoing softness in the mobile phone category as consumers eagerly await highly-anticipated new product launches. Consequently, absent any major product launches, we are expecting comparable sales to be negative in the low-single digits in both the second and third quarters."

More to come...