RICHFIELD, Minn. — Best Buy Co. today reported fiscal first-quarter net income of $159 million.
On a per-share basis, the company said it had net income of 61 cents. Earnings, adjusted for amortization costs and restructuring costs, were 67 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 41 cents per share.
The consumer electronics retailer posted revenue of $8.56 billion in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $8.15 billion.
Best Buy shares have dropped 7% since the beginning of the year, while the Standard & Poor's 500 index has decreased 8%. The stock has risen 18% in the past 12 months.