Best Buy Co Inc. Q1 Profit Decreases, misses estimates

(RTTNews) - Best Buy Co Inc. (BBY) released earnings for first quarter that decreased from last year and missed the Street estimates.

The company's earnings came in at $341 million, or $1.49 per share. This compares with $595 million, or $2.32 per share, in last year's first quarter.

Excluding items, Best Buy Co Inc. reported adjusted earnings of $1.57 per share for the period.

Analysts on average had expected the company to earn $1.61 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 8.5% to $10.65 billion from $11.64 billion last year.

Best Buy Co Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $341 Mln. vs. $595 Mln. last year. -EPS (Q1): $1.49 vs. $2.32 last year. -Analyst Estimates: $1.61 -Revenue (Q1): $10.65 Bln vs. $11.64 Bln last year.

-Guidance: Full year EPS guidance: $8.40 - $9.00 Full year revenue guidance: $48.3 - $49.9 Bln