Best Buy Profit Dips, But Top Forecasts
Electronic retailer Best Buy handily beat profit expectations for its fiscal first quarter, as the company gained U.S. market share in key categories like televisions, computers and video games and store openings boosted revenue.
Best Buy earned $179 million, or 43 cents a share, for the three months ended May, down from $192 million, or 39 cents a share, in the same period a year ago.
On average, analysts surveyed by Thomson Financial predicted a profit of 37 cents a share.
The company said revenue jumped 13 percent from the year-ago period to $8.99 billion from $7.93 billion. Analysts expected $8.57 billion.
The company expects adjusted profit of $3.25 to $3.40 per share and revenue of $43 billion to $44 billion in fiscal 2009. Analysts see profit of $3.26 per share and revenue of $43.90 billion.
-- The Associated Press contributed to this report