Hot Earning Reports: BBY, IGT, BURL, GCO

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Best Buy Co Inc (BBY) shares hit a new 52-week high of $59.74 after the market opened on Thursday following a surprising surge in Q1 comparable sales amid improved demand for the company’s gaming and mobile products.

The No. 1 U.S. electronics retailer said sales at stores open for more than 12-months jumped 1.6 percent. Analysts surveyed by research firm Consensus Metrix were looking for a drop of 1.5 percent.

Overall, BBY posted earnings of $188 million, or 60 cents per share in the first quarter ended April 29, down from $229 million, or 70 cents a share in the same period last year, but well above consensus forecast of 40 cents. Revenue came in at $8.53 billion, up 1 percent from year-earlier quarter, and also above analysts’ average estimate of $8.28 billion.

International Game Technology (IGT) shares plummeted more than 14 percent this morning after the Las Vegas-based company said that it earned $58.67 million, or $0.29 a share in the first quarter, well below $115.66 million, or $0.57 a share in the same period last year.

Analysts surveyed by Thomson Reuters were looking for earnings of $0.48 a share. Revenue came in at $1.15 billion, down 10.2 percent from year-earlier quarter.

Burlington Stores Inc (BURL) shares surged more than 6 percent today after the New Jersey-based discount retailer posted its earnings for the first quarter that beat consensus forecast.

BURL reported a profit of 73 cents a share, while analysts on average were looking for 70 cents a share. The company posted revenue of $1.35 billion in the quarter, slightly down from $1.36 forecasted by Street analysts.

Genesco Inc. (GCO) shares made a new 52-week low of $35.80 on Thursday after the Nashville, Tennessee-based specialty retailer posted lower-than-expected earnings for the first quarter, and slashed its earnings outlook for the full year.

The company reported earnings of $0.06 a share in the latest quarter, well below $0.62 a share in the year-earlier quarter.

Looking forward, GCO is now expecting adjusted earnings in a range of $3.90 a share to $4.05 a share for the FY 2018, as compared to its previous guidance in between $4.40 a share to $4.55 a share.

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