Consumer electronics retailer Best Buy Co. Inc.'s (BBY: Quote) first-quarter GAAP net earnings attributable to the company slid to $158 million or $0.46 per share from $212 million or $0.53 per share last year. On a GAAP basis, net earnings from continuing operations were $161 million, or $0.47 per share, versus $255 million, or $0.64 per share a year before, the company added.
However, excluding charges, quarterly adjusted earnings were $0.72, higher than $0.65 in the prior-year quarter. On average, analysts polled by Thomson Reuters expected earnings per share of $ for the quarter. Analysts' estimates typically exclude one-time items.
Revenue totaled $11.61 billion, up 2%, compared with $11.4 billion a year earlier.
For fiscal 2013, the company maintained its adjusted earnings per share outlook of $3.50 - $3.80, including the impact of expected share repurchases and excluding fiscal 2013 restructuring costs. Including charges, the GAAP earnings per share annual guidance is still expected in the range of $2.85 - $3.25.
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by RTT Staff Writer
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