Revenue during the quarter went up marginally by 1.01 percent to $8,528 million from $8,443 million in the previous year period. Gross margin for the quarter contracted 170 basis points over the previous year period to 23.71 percent. Total expenses were 96.48 percent of quarterly revenues, up from 95.59 percent for the same period last year. That has resulted in a contraction of 89 basis points in operating margin to 3.52 percent.

Operating income for the quarter was $300 million, compared with $372 million in the previous year period.

However, the adjusted operating income for the quarter stood at $300 million compared to $240 million in the prior year period. At the same time, adjusted operating margin improved 68 basis points in the quarter to 3.52 percent from 2.84 percent in the last year period.

"We are pleased today to report strong top and bottom line results for the first quarter of fiscal 2018," said Hubert Joly, Best Buy chairman and chief executive officer. "Our Q1 performance reflects the strength of our customer value proposition and continued momentum in the execution of our strategy. I want to thank all our associates across the company for their hard work in delivering these results." Joly continued, "We grew our Enterprise comparable sales by 1.6% during the quarter, driven by growth in both the Domestic and International segments. We also continued to drive significant growth in the online channel -- with Domestic online comparable sales increasing 22.5%. On the profitability side, at the Enterprise level, we continued to optimize merchandise margins and exercise good expense management."

For the financial year 2018, Best Buy Company Inc projects revenue to grow at 2.50 percent.

For the second-quarter 2018, Best Buy Company Inc forecasts revenue to be in the range of $8,600 million to $8,700 million. On an adjusted basis, the company expects diluted earnings per share to be in the range of $0.57 to $0.62.

The company has spent $423 million cash to meet investing activities during the quarter as against cash outgo of $40 million in the last year period.

The company has spent $413 million cash to carry out financing activities during the quarter as against cash outgo of $621 million in the last year period.

Cash and cash equivalents stood at $1,834 million as on Apr. 29, 2017, down 9.74 percent or $198 million from $2,032 million on Apr. 30, 2016.

Debt comes down marginally
Best Buy Company Inc has recorded a decline in total debt over the last one year. It stood at $1,347 million as on Apr. 29, 2017, down 2.25 percent or $31 million from $1,378 million on Apr. 30, 2016. Interest coverage ratio deteriorated to 15.79 for the quarter from 18.60 for the same period last year.