By Senad Karaahmetovic

Shares Best Buy The stock market shares of (NYSE:) fell almost 3 percent in premarket trading on Tuesday, after the company cut its FY revenue guidance.

BBY Q1 adjusted EPS were $1.57 versus $2.23 for the same period last year. This was lower than the consensus estimates at $1.60 per share. The revenue came in at $10.65 Billion, which was 8.5% lower YoY than the analysts consensus estimate of $10.41 Billion.

This was lower than the analysts’ estimates of 22.6% and compares to 22.3% in quarter one. Best Buy saw an 8.2% decline in comparable enterprise sales YoY, compared with the 9.44% decline.

The international comparable sales declined 1.4%, an increase of 27.8% YoY. Analysts were anticipating a decrease of 9.28%. BBY recorded an 8.5% decrease in US comparable sales. This is compared with the 9.28% expected.

“Macro conditions worsened since we provided our guidance in early March which resulted in our sales being slightly lower than our expectations,” the company said.

“Those trends have continued into Q2 and, as a result, we are revising our sales and profitability expectations for the year.”

Best Buy anticipates FY 2023 adjusted earnings to be between $8.40 and $9.00. This is down from its previous forecast range (8.85 to 9.15), while analysts expected $8.94 per share. FY revenues are expected to be between $48.3 billion and $49.9 billion. This is down from the $49.3 billion-$50.8 billion range, which was lower than analysts’ expectations.

The expected decline in enterprise comparable sales is 3%-6%, which compares to the prior forecast of 1% to 4%. Analysts had hoped for -2.555%.

Best Buy has approved a $0.88 cash dividend per common share for its quarterly cash dividend.

Vital Knowledge experts said that results are better than expected.

“The actual numbers we think are better-than-feared as WMT/TGT last week suggested an electronics environment that was even weaker than BBY is signaling,” Vital Knowledge founder Adam Crisafulli writes to clients.