Best Buy Swings To Profit In Q3, Beats Street - Quick Facts

(RTTNews) - Consumer electronics retailer Best Buy Co., Inc. (BBY) reported third-quarter net earnings attributable to shareholders of $54 million, or $0.16 per share, as against a loss of $10 million, or $0.03 per share, in the prior-year quarter. On a non-GAAP basis, earnings per share from continuing operations were $0.18 in the recent period. On average, 25 analysts polled by Thomson Reuters expected earnings per share of $0.11 for the quarter. Analysts' estimates typically exclude one-time items.

For the quarter, revenue totaled $9.36 billion, compared with $9.38 billion a year before. Analysts estimated revenues of $9.36 billion for the quarter.

Domestic revenue of $7.85 billion grew 2.3% year-on-year, driven mainly by a comparable-store sales growth of 1.7%, despite the short-term disruptions caused by the ongoing rollout of the floor space optimization, the retail deployment of the Windows Stores and the continued rationalization of non-core businesses. Excluding these impacts, the company estimates domestic comparable-store sales would have been nearly 2%. On the other hand, quarterly International revenue of $1.52 billion fell 11.3% versus last year.

Since the company's fiscal 2014 second quarter earnings release, the firm has eliminated $115 million in annualized costs.