People wearing masks walk past a large face mask sign outside a Best Buy near Columbus Circle, which is entering Phase 4 reopening in New York City on July 22, 2020 after the spread of the coronavirus has been restricted.
Alexi Rosenfeld | Getty Images
Best Buy saw strong sales growth Tuesday as customers bought computers, kitchen appliances and other technology to work, cook and go to school at home during the coronavirus pandemic.
The company's shares fell about 2%. in premarket trading.
Here's what the company did in the second fiscal quarter ended August 1:
Earnings per share: $ 1.71 adjusted versus $ 1.08 expected based on Refinitiv consensus estimates. Revenue: $ 9.91 billion versus $ 9.71 billion according to Refinitiv estimates. Revenue growth in the same store: 5.8% versus 2.3% according to FactSet
The national retailer reported net income of $ 432 million, or $ 1.65 per share, for the second quarter, a sharp increase from $ 238 million, or 89 cents per share, a year earlier.
Excluding items, the company earned $ 1.71 per share, above the $ 1.08 per share that Refinitiv polled analysts expected.
Revenue was $ 9.91 billion, compared to $ 9.54 billion in the previous year.
Sales in stores open for at least a year rose 5.8%, above the 2.3% expected by Wall Street.