Best Buy Q1 profit falls 26 percent
Go Deeper.
Create an account or log in to save stories.
Like this?
Thanks for liking this story! We have added it to a list of your favorite stories.
MINNEAPOLIS (AP) -- Best Buy Co.'s fiscal first-quarter profit dropped 26 percent on restructuring charges as the struggling electronics retailer began implementing its turnaround plan.
Best Buy's shares jumped $1.28, or 7 percent, to $19.45 in premarket trading.
The Minnesota-based company reported net income fell to $158 million, or 46 cents per share, in the three months ended May 5. That's down from $212 million, or 53 cents per share, a year ago.
Excluding restructuring charges, earnings were 72 cents per share. Analysts expected 59 cents per share.
Revenue rose 2 percent to $11.61 billion, aided by an extra week. Sales of tablets and mobile phones climbed. International revenue fell on weakness in China and Europe.
Turn Up Your Support
MPR News helps you turn down the noise and build shared understanding. Turn up your support for this public resource and keep trusted journalism accessible to all.