Add Best Buy Co. Inc. to the list of retailers that have surpassed Wall Street expectations in the first quarter.
The Richfield-based electronics retailer posted quarterly revenue of $9.142 billion, up from $9.109 billion in the same period last year. Net income grew to $265 million compared to $208 million in 2018, according to Best Buy’s earnings statement.
That equates to 98 cents a share, beating analyst expectations of 88 cents per share, according to data from Zacks Equity Research.
Meanwhile, domestic online revenue grew nearly 15 percent to $1.31 billion, according to Best Buy.
“Q1 was a strong quarter and a good start to the year,” said Best Buy chairman and CEO Hubert Joly in a statement. “We reported comparable sales growth at the high end of our guidance and delivered better-than-expected profitability.”
As a result of the “better-than-expected” earning, Best Buy will maintain its full-year guidance, despite potential impacts of an increase in tariffs on Chinese imports.
Fellow Minneapolis retail titan Target Corp. also posted notably strong sales growth this quarter.