Best Buy profit falls, but earnings top estimates

AP

(AP) MINNEAPOLIS - Best Buy Co.'s (BBY) fiscal first-quarter profit dropped 26 percent on restructuring charges as the struggling electronics retailer began implementing its turnaround plan. Its adjusted earnings and revenue both topped Wall Street's expectations.

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.

Wall Street expected $11.5 billion.

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