Best Buy Co Inc. Q1 Profit Decreases, but beats estimates

(RTTNews) - Best Buy Co Inc. (BBY) revealed earnings for first quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line came in at $244 million, or $1.11 per share. This compares with $341 million, or $1.49 per share, in last year's first quarter.

Excluding items, Best Buy Co Inc. reported adjusted earnings of $1.15 per share for the period.

Analysts on average had expected the company to earn $1.11 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 11.1% to $9.47 billion from $10.65 billion last year.

Best Buy Co Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $244 Mln. vs. $341 Mln. last year. -EPS (Q1): $1.11 vs. $1.49 last year. -Analyst Estimates: $1.11 -Revenue (Q1): $9.47 Bln vs. $10.65 Bln last year.

-Guidance: Full year EPS guidance: $5.70 - $6.50 Full year revenue guidance: $43.8 - $45.2 Bln