Best Buy Co Inc. Q3 Profit Decreases, but beats estimates

(RTTNews) - Best Buy Co Inc. (BBY) released a profit for third quarter that decreased from last year but beat the Street estimates.

The company's earnings totaled $277 million, or $1.22 per share. This compares with $499 million, or $2.00 per share, in last year's third quarter.

Excluding items, Best Buy Co Inc. reported adjusted earnings of $1.38 per share for the period.

Analysts on average had expected the company to earn $1.03 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 11.1% to $10.59 billion from $11.91 billion last year.

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

-Earnings (Q3): $277 Mln. vs. $499 Mln. last year. -EPS (Q3): $1.22 vs. $2.00 last year. -Analyst Estimates: $1.03 -Revenue (Q3): $10.59 Bln vs. $11.91 Bln last year.