Best Buy said first-quarter revenue rose to $8.94 billion from $8.77 billion a year earlier, while comparable sales increased 2.0% after falling 0.7% in the prior-year quarter.
Diluted earnings per share climbed to $1.31 from $0.95, a 38% increase. Adjusted diluted EPS rose to $1.28 from $1.15, up 11%.
Operating income improved to 4.1% of revenue from 2.5% a year ago. Adjusted operating income was also 4.1% of revenue, up from 3.8%.
By segment, domestic revenue increased to $8.25 billion from $8.13 billion, up 1.5%. Domestic comparable sales rose 1.8%, reversing a 0.7% decline last year. Domestic online revenue increased 1.4% on a comparable basis to $2.62 billion, and online revenue held steady at 31.7% of domestic revenue.
International revenue climbed to $687 million from $640 million, up 7.3%. International comparable sales increased 4.7% after a 0.7% decline a year ago.
Domestic gross profit rate edged up to 23.7% from 23.5%, while domestic adjusted SG&A rose to $1.60 billion from $1.58 billion. International gross profit rate fell to 21.5% from 22.0%, and international adjusted SG&A increased to $143 million from $137 million.
Best Buy said it returned $202 million to shareholders through dividends in the quarter. It also said it expects to spend about $300 million on share repurchases during fiscal 2027.
For the full year, the company reiterated revenue guidance of $41.2 billion to $42.1 billion, comparable sales of down 1.0% to up 1.0%, adjusted operating income rate of 4.3% to 4.4%, and adjusted diluted EPS of $6.30 to $6.60.
For the second quarter, Best Buy said comparable sales in May were running up in the high single digits month to date and that it expects Q2 adjusted operating income rate of about 3.9%, flat with last year. The market has reacted to these announcements by moving the company's shares 1.21% to a price of $63.985. Check out the company's full 8-K submission here.
