Best Buy reports stronger than expected first quarter, prepares for CEO transition
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Best Buy Inc. reported stronger-than-expected first-quarter results for fiscal 2027, with comparable sales rising 2.0% and adjusted diluted earnings per share increasing 11% to $1.28. Revenue for the quarter reached $8.94 billion, up from $8.77 billion a year earlier.
CEO Corie Barry said growth was driven by positive performance across most major product categories, particularly gaming, computing, mobile phones, and services. Appliances remained a weak category. Domestic comparable sales increased 1.8%, while international comparable sales climbed 4.7%.
“Our comparable sales grew 2% versus last year, higher than our outlook, with positive comps across the majority of our major product categories and strong performance in our Best Buy Ads and Marketplace initiatives,” she said. “We also drove operating income rate expansion and EPS growth.”
Barry will step down as CEO later this year, with Jason Bonfig taking over on Nov. 1, 2026. Bonfig, currently chief customer, product and fulfillment officer, outlined priorities focused on expanding Best Buy’s reach, enhancing customer experience, and growing the company’s retail media and technology businesses.
The retailer also cited continued momentum in its newer profit initiatives, including Best Buy Ads and its Marketplace platform, as part of a broader strategy to position the company as an omni-channel technology destination.
Online sales in the domestic segment increased 1.4% year-over-year to $2.62 billion, representing 31.7% of domestic revenue, essentially flat with last year. Operating income improved significantly, reaching 4.1% of revenue compared to 2.5% in the prior-year quarter.
The company reiterated its full-year guidance, including adjusted diluted EPS of $6.30 to $6.60 and revenue between $41.2 billion and $42.1 billion. CFO Matt Bilunas said May comparable sales trends were running in the high single digits, although the company expects more moderate growth in the second quarter as it laps last year’s gaming product launches.
Q1 FY27 |
Q1 FY26 |
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| Revenue ($ in millions) | ||
| Enterprise | $8,936 | $8,767 |
| Domestic segment | $8,249 | $8,127 |
| International segment | $687 | $640 |
| Enterprise comparable sales % change1 | 2.0% | (0.7)% |
| Domestic comparable sales % change1 | 1.8% | (0.7)% |
| Domestic comparable online sales % change1 | 1.4% | 2.1% |
| International comparable sales % change1 | 4.7% | (0.7)% |
| Operating Income | ||
| Operating income as a % of revenue | 4.1% | 2.5% |
| Adjusted operating income as a % of revenue | 4.1% | 3.8% |
| Diluted Earnings per Share (“EPS”) | ||
| Diluted EPS | $1.31 | $0.95 |
| Adjusted diluted EPS | $1.28 | $1.15 |
