The consumer electronic company Best Buy Co. reported today a first quarter loss comparing to last year when the results included Super Bowl TV sales.
The President and CEO of the company Hubert Joly stated that this was expected having in mind the Super Bowl shifting to the fourth quarter and internal decisions of cutting off sales of non-core businesses. However, 18 analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share for the quarter. Revenue of the company declined with almost $1 billion contrary to 16 Wall Street analyst estimates that included a slight climb of $300 million.
According to Best Buy Co., company is expecting second quarter to be somewhat similar in terms of revenue. The ongoing investment company makes in this quarter should continue according to the CEO. Best Buy is also worried about the deployment of Samsung Experience Shops and the optimization of retail floor space could have a temporary negative effect on the companys revenue.
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