Best Buy Q2 Profit Jumps - Quick Facts

(RTTNews) - Consumer electronics retailer Best Buy Co., Inc. (BBY) posted a surge in second-quarter net profit attributable to shareholders to $266 million, or $0.77 a share, from the prior-year figure of $12 million, or $0.04 a share. On an adjusted basis, per-share earnings from continuing operations totaled $0.32 in the latest quarter. On average, 24 analysts polled by Thomson Reuters expected earnings per share of $0.12 for the quarter. Analysts' estimates typically exclude one-time items.

However, quarterly revenue slid to $9.30 billion, from $9.34 billion in the earlier year period, whereas 21 analysts estimated revenues of $9.13 billion for the quarter.

Domestic segment revenue of $7.81 billion rose 0.1% year-over-year, chiefly driven by the revenue from 57 net new Best Buy Mobile stand-alone stores that were opened predominantly in the third quarter and fourth quarter of fiscal 2013, partially offset by a comparable-store sales drop of 0.4%.