RICHFIELD, Minn. (AP) — RICHFIELD, Minn. (AP) — Best Buy Co. (BBY) on Thursday reported fiscal first-quarter earnings of $276 million.
The Richfield, Minnesota-based company said it had profit of $1.31 per share. Earnings, adjusted for restructuring gains, came to $1.28 per share.
The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.22 per share.
The consumer electronics retailer posted revenue of $8.94 billion in the period, also exceeding Street forecasts. Nine analysts surveyed by Zacks expected $8.81 billion.
Best Buy expects full-year earnings in the range of $6.30 to $6.60 per share, with revenue in the range of $41.2 billion to $42.1 billion.
Best Buy shares have declined nearly 4% since the beginning of the year, while the S&P’s 500 index has risen roughly 10%. The stock has decreased 11% 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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