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Best Buy’s Profit Tops Analysts’ Estimates on Phone Sales

Best Buy Co., the world’s largest consumer electronics retailer, reported first-quarter profit that exceeded analysts’ forecasts, helped by rising demand for smartphones.

Net income fell 12 percent to $136 million, or 35 cents a share, in the quarter ended May 28, the Richfield, Minnesota-based company said today in a statement. Analysts predicted 33 cents, the average estimate in a Bloomberg survey. The shares climbed the most in nine months.