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%.
Shares of the company are tumbling in pre-market trading, down around 5% to $31.36 a share.
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