Best Buy got off to a fast start to the year.
The electronics retailer — one of the handful of legacy brick-and-mortar giants thriving in the Amazon era — said Thursday that sales at stores open for at least a year rose 1.1% during the first quarter of 2019 compared with a year earlier. Appliances, wearables and tablets were Best Buy's top growth drivers during the quarter.
The company's profit also exceeded Wall Street's expectations last quarter. Best Buy's (BBY) stock ticked up 2% in premarket trading.
Best Buy is solidifying its position as one of the top multi-channel retailers," Moody's analyst Charlie O'Shea said in a note to clients Thursday.
Best Buy maintained its financial guidance for the remainder of the year.
Incoming CEO Corie Barry noted that the company gave its "best estimate of the impact associated with the recent increase in tariffs" in its outlook.
Consumer electronics such as TVs have been spared from the US-China trade war so far, but that could change if President Donald Trump follows through on his proposal to slap tariffs on all goods coming from China.
Best Buy imports 68% of its merchandise from China, UBS analysts estimated in a research report last week.