2023-05-27 09:45:00 ET
Best Buy 's (NYSE: BBY) stock ticked up by 3% after the company delivered its latest earnings report. In its fiscal 2024 first quarter, which ended on April 29, the big-box retailer's revenue dropped by 11% year over year to $9.47 billion, missing analysts' estimates by $60 million. Its adjusted EPS fell by 27% to $1.15, but beat the consensus forecast by $0.05 per share.
Best Buy's growth rates seem sluggish, but they cleared Wall Street's low bar, which had been adjusted to account for the near-term macroeconomic headwinds. Let's review the key facts to see if investors should buy, sell, or hold this retail stock.
Image source: Best Buy.
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Best Buy Stock: Buy, Sell, or Hold?