Best Buy Is a Hold at Best

BEST BUY (TICKER: BBY) IS riding high. But we're not convinced it will continue to do so.

Before the opening bell on Thursday, the nation's largest consumer-electronics retailer reported that it earned $1.82 a share in its fiscal first quarter, on $16.6 billion in revenue, ahead of the Street's consensus of $1.79 and $16.1 billion, respectively.

Guidance for fiscal 2011 also came in above expectations, with the company saying it now expects to earn $3.45 to $3.60 a share, on $52 billion to $53 billion in revenue.

Best Buy said that same-store sales should grow between 1% and 3% for the year. The company is also resuming its $2.5 billion share-buyback plan after nearly a year and a half of inactivity.

Read Full Article from Barron's

- Posted: 2010-03-25 12:30:39

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