Yesterday, Best Buy (BBY) reported quarterly earnings of 53 cents a share. Revenue jumped 5% to $12.02 billion. That’s a very impressive result considering that Wall Street was only expecting earnings of 43 cents a share.
Although this was very good news, the key for the company is how well they’ll do during the holiday season. Unfortunately, the company said that gross margins will fall about 1% this season. The shares dropped about 8.5% in yesterday’s trading but I still rate the stock a Buy.