Best Buy Q1 Earnings Drop 25% (BBY)

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Best Buy Co. Inc. (NYSE:BBY), a multinational retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances, and related services, today, reported a 25% decline in its first-quarter earnings. However, the retailer’s adjusted profit rose, sending shares higher in early trading.

BBY shares are up more than 1% in early trading today.

For the first quarter ended May 5, Best Buy reported a profit of $158 million, or $0.46 per share. This compares with a profit of $212 million, or $0.53 per share reported for the same period in the previous year. The decline in profit was mainly due to restructuring charges. Excluding these charges, the company reported earnings of $0.72 per share, compared with $0.65 per share reported for the same period in the previous year.

Revenue for the quarter rose 2.1% to $11.61 billion.

Analysts surveyed by Thomson Reuters were on average expecting Best Buy to report adjusted earnings of $0.59 per share and revenue of $11.52 billion.

Gross margin for the quarter stood at 25%, down from 25.7% reported for the same period last year.

Best Buy also backed its guidance for the full year.

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