RICHFIELD, Minn. (AP) — RICHFIELD, Minn. (AP) — Best Buy Co. (BBY) on Thursday reported fiscal first-quarter profit of $246 million.
The Richfield, Minnesota-based company said it had profit of $1.13 per share. Earnings, adjusted for restructuring costs and amortization costs, came to $1.20 per share.
The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.07 per share.
The consumer electronics retailer posted revenue of $8.85 billion in the period, which fell short of Street forecasts. Ten analysts surveyed by Zacks expected $8.96 billion.
Best Buy expects full-year earnings in the range of $5.75 to $6.20 per share, with revenue in the range of $41.3 billion to $42.6 billion.
Best Buy shares have decreased 8% since the beginning of the year, while the S&P’s 500 index has climbed 10%. The stock has dropped 2% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BBY at https://www.zacks.com/ap/BBY
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