Best Buy tops Street 1Q forecasts

RICHFIELD, Minn. (AP) ' Best Buy Co. (BBY) on Tuesday reported fiscal first-quarter profit of $229 million.The Richfield, Minnesota-based company said it had net income of 70 cents per share. Earnings, adjusted for one-time gains and costs, came to 44 cents per share.The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.The consumer electronics retailer posted revenue of $8.44 billion in the period, which also topped Street forecasts. Ten analysts surveyed by Zacks expected $8.29 billion.For the current quarter ending in August, Best Buy expects its per-share earnings to range from 38 cents to 42 cents.Best Buy shares have climbed slightly more than 8 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has dropped 6 percent in the last 12 months._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BBY at http://www.zacks.com/ap/BBY_____Keywords: Best Buy, Earnings ReportJoin the conversation about this story
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