Best Buy Gains as Profit Tops Estimates on More Cost Cuts
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Best Buy Co., the world’s largest consumer-electronics retailer, posted first-quarter profit that topped analysts’ estimates as Chief Executive Officer Hubert Joly continued to trim costs.
Net income rose to $461 million, or $1.31 a share, in the period ended May 3, compared with a loss of $81 million, or 24 cents, a year earlier, the Richfield, Minnesota-based company said today in a statement. Excluding a one-time tax benefit and other items, profit was 33 cents a share. Analysts projected profit of 19 cents a share, the average of 22 estimates.