Best Buy is tumbling after a disappointing outlook
Shares of electronics retailer Best Buy are sliding Tuesday morning in pre-market trading after the company reported better than expected earnings, but lackluster guidance.
Earnings beat analyst estimates for earnings at $0.44 per share versus forecasts of $0.36 per share. Additionally, comparable store sales were down less than expected at only -0.1% against estimates of -1.6%.
Guidance, however, was weak. The company reaffirmed full-year guidance, but expects weaker earnings for the second quarter at $0.38 to $0.42 per share, against expectations of $0.50 a share. Additionally, the company forecasts that second quarter international sales will decline 5% to 10%.
In addition, Best Buy announced that CFO Sharon McCollam will be replaced by strategic growth officer Corie Barry. McCollam came out of retirement in 2012 to assume the role.
Shares of the company are tumbling in pre-market trading, down around 5% to $31.36 a share.
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