RICHFIELD, Minn. (AP) — RICHFIELD, Minn. (AP) — Best Buy Co. (BBY) on Thursday reported fiscal second-quarter profit of $186 million.
The Richfield, Minnesota-based company said it had net income of 87 cents per share. Earnings, adjusted for restructuring costs and amortization costs, were $1.28 per share.
The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.22 per share.
The consumer electronics retailer posted revenue of $9.44 billion in the period, also topping Street forecasts. Ten analysts surveyed by Zacks expected $9.2 billion.
Best Buy expects full-year earnings in the range of $6.15 to $6.30 per share, with revenue in the range of $41.1 billion to $41.9 billion.
Best Buy shares have decreased 12% since the beginning of the year, while the S&P’s 500 index has increased 10%. The stock has decreased 15% 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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