EmailBest Buy (BBY $18.15 -0.01) reported first quarter earnings of $0.72 per share, may not be comparable to billion Capital IQ Consensus of $0.59, while revenues rose 2.1% year/year to $11.61 billion versus the $11.5 bln consensus. The company is reporting a two month stub period after changing its fiscal year end to January from February. The company is reaffirmed guidance for FY13, sees EPS of $3.50-3.80, excluding non-recurring items, vs. $3.60 Capital IQ Consensus Estimate. Comps declined 5.3% (below ests near -3%). As a result of the co's fiscal year change, the first quarter of fiscal 2013 included February 2012, which included a fifth week. Ex-the extra week, total co rev declined 4.3 percent compared to the prior-year period.
Areas of comparable store sales growth in the Domestic segment included tablets and mobile phones within the Computing & Mobile Phones revenue category, eReaders within the Consumer Electronics revenue category and Appliances. These increases were more than offset by comparable store sales declines primarily in notebooks within the Computing and Mobile Phones revenue category, gaming within the Entertainment revenue category, and digital imaging and televisions within the Consumer Electronics revenue category. The Domestic segment online channel revenue grew 20 percent compared to the prior-year period. International segment comparable store sales declined 10.5 percent. GM was 25.0%. The co repurchased $115 million, or 4.6 million shares, of its common stock at an average price of $25.07 per share during February 2012, the first month of the fiscal first quarter. Consistent with previous guidance, the co continues to expect repurchases of ~$750 million to $1.0 billion in fiscal 2013.
