Best Buy Co Inc. Q1 Profit Increases, Beats Estimates

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

The company's earnings totaled $246 million, or $1.13 per share. This compares with $244 million, or $1.11 per share, in last year's first quarter.

Excluding items, Best Buy Co Inc. reported adjusted earnings of $1.20 per share for the period.

Analysts on average had expected the company to earn $1.08 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 6.5% to $8.85 billion from $9.47 billion last year.

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

-Earnings (Q1): $246 Mln. vs. $244 Mln. last year. -EPS (Q1): $1.13 vs. $1.11 last year. -Revenue (Q1): $8.85 Bln vs. $9.47 Bln last year.

-Guidance: Full year EPS guidance: $5.75 - $6.20 Full year revenue guidance: $41.3 - $42.6 Bln