Shares of electronics retailer Best Buy (NYSE:BBY) are moving upward in the pre-market trade today on the back of the company’s third-quarter performance.
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While revenue dropped 11.1% year-over-year to $10.59 billion, the figure was still better than analysts’ expectations by ~$290 million. Moreover, EPS at $1.38 too, comfortably cruised past expectations by $0.35. Comparable sales during the quarter declined by 10.4%.
The company continues to advance its strategic initiatives and make investments for long-term growth, and has upped its outlook for 2023.
For 2023, BBY now expects comparable sales to drop by about 10% while the operating income rate is seen landing slightly higher than 4%. Additionally, BBY has also announced a $0.88 dividend per share which is payable on January 3, 2023, to investors of record on December 13, 2022.
Shares of the company have gained 11.4% over the past month while analysts see a further 5.6% upside in the stock based on an average price target of $74.80.
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