Best Buy Swings To Profit In Q1 - Quick Facts

(RTTNews) - Consumer electronics retailer Best Buy Co., Inc. (BBY) posted first-quarter net earnings attributable to shareholders of $461 million, or $1.31 per share, as against a loss of $81 million, or $0.24 per share, last year. For the latest quarter, non-GAAP earnings per share from continuing operations totaled $0.33. On average, 24 analysts polled by Thomson Reuters expected earnings per share of $0.20 for the quarter. Analysts' estimates typically exclude one-time items.

Quaterly net earnings from continuing operations surged year-over-year to $461 million, from $97 million.

The Richfield, Minnesota-based retailer, which is also known as the 'big blue box' because of the prominent design on Best Buy stores, recorded quarterly revenue of $9.035 billion, versus the prior year's $9.35 billion. Analysts estimated revenues of $9.21 billion for the quarter.

The company said this quarter reflects continued progress in its Renew Blue transformation. As expected, Domestic comparable sales slid by 1.3%, in a context where sales in the Consumer Electronics industry continued to decline.