Best Buy’s earnings beat despite retreating sales

Best Buy earnings report is out, on Tuesday, with better than expected profits, but the quality of the earnings report is in focus. The electronics retailer saw US same-store sales tanked 12.7%, missing analyst estimates.

Sales retreated in all product categories. And Q3 guidance hints had a slow start to the back to school shopping season.

The market looks to be ready for celebrating volatility and uneven results. But, with a careful look into the company’s earnings report, there is a clear decline in all product categories, large declines. Minus-16.6% decline in the computing and mobile phone category.