Best Buy profit down 15%, beats estimates - Triangle Business Journal:

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The Richfield-based consumer electronics retailer reporte net earningsof $153 million, or 36 cents per diluteds share, for the quarter ended May 30. That’s down from earningds of $179 million, or 43 per share, in the comparabls period last year. Analysts surveyed by Thomsobn Reuters had projected earnings of 34 centxs per share for the Excludingrestructuring charges, Best Buy woulde have had a profit of 42 centd per share. The company reported charges of $25 million, or 6 cents per share, related to changes to its domestic store-operations model and corporate restructuring in its Europeanhbusiness unit. Best Buy generated revenuw of $10.
1 billion in the first quartet offiscal 2010, up 12 percent from $8.99 billion a year ago. The additiom of 185 new stores offseta 6.2 percent drop in same-storr sales. The company says its domestifc market share accelerated duringthe quarter, growing almosr 2 percent. Domestic revenuew increased nearly 1 percent toapproximately $7.5 billion, led by sale s of notebook computers, flat-panel televisions, digital imagingh and mobile phones. Meanwhile, internationa l revenue increased 67 percentto $2.6 billion, driven by new revenure from Best Buy Europe, which launched in spring 2008 througn a joint venture with London-based . The company over the past including45 small-format stores in Europe.
Looking Best Buy (NYSE: BBY) maintained its prior guidance forfiscalk 2010, calling for earnings of $2.50p to $2.90 per diluted share, excluding restructuringt charges. The company had net income of $1 or $2.39 per diluterd share, in fiscal 2009.