Best Buy swings to $81 million first-quarter loss

Tue, 21 May 2013 11:30:06 GMT

NEW YORK -- Best Buy Co. Inc. said it swung to a loss of $81 million, or 24 cents a share, in its fiscal 2014 first quarter from a year-ago profit of $158 million, or 46 cents a share. Per-share earnings from continuing operations fell to 29 cents a share from 49 cents a share. Those earnings excluded European operations as Best Buy agreed to sell its 50% stake in Best Buy Europe on April 30. Revenue fell to $9.38 billion, from $10.37 billion a year earlier, the retailer said Tuesday. Analysts had expected earnings of 24 cents a share on revenue of $10.67 billion, according to FactSet. The company attributed the fall in adjusted earnings to a shorter quarter and lack of of high-profile product launches compared to a year ago, the shift in the Super Bowl's timing and its investment in price competitiveness. The company said it expects price competitiveness to continue to lower profit in the current quarter. Shares in Best Buy were down 3% in premarket trading.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.

Home Depot beats Q1 estimates, raises EPS guidance

Tue, 21 May 2013 10:22:46 GMT

LONDON -- Home Depot Inc. on Tuesday reported an 18.5% rise in first-quarter earnings to $1.2 billion, or 83 cents a share, from $1 billion, or 68 cents a share, in the same quarter last year. Net sales rose 7.4% to $19.1 billion from $17.8 billion, with a seasonal timing change adding about $574 million to sales in this year's first quarter. Adjusted for the timing benefit, comparable-store sales gained 4.3%. Analysts surveyed by FactSet expected earnings of 76 cents a share on revenue of $18.53 billion. Home Depot raised its 2013 earnings guidance and now expects EPS to be up approximately 17% to $3.52 for the year. "In the first quarter, we saw less favorable weather compared to last year, but we continue to see benefit from a recovering housing market that drove a stronger-than-expected start to the year for our business," said Frank Blake, chairman and chief executive, in the earnings release. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.