Best Buy Co. Inc. (BBY) reported net earnings from continuing operations of $97 million or $0.29 per share for the 13-week first quarter, compared to $169 million or $0.49 per share in the 14-week first quarter ended May 5, 2012.
The company noted that, as a result of the agreement for the sale of its 50% interest in Best Buy Europe, results from European operations are now presented as discontinued operations. Net loss attributable to shareholders for the quarter was $81 million or $0.24 per share, compared to profit of $158 million or $0.46 per share prior year.
Adjusted profit decreased to $110 million or $0.32 per share from $262 million or $0.76 per share prior year. Revenue decreased to $9.38 billion from $10.37 billion last year. Comparable store sales decreased 1.3% during the quarter.
Sharon McCollam, Best Buy CFO, said: "While adjusted EPS was better-than-expected, it was below last year. This was primarily driven by: one less week during the quarter versus fiscal 2013 and the shift in timing of the Super Bowl; a greater investment in price competitiveness; and the impact of high-velocity product launches that occurred in the first quarter of last year that did not occur this year."
On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $0.25 for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $10.64 billion for the quarter.
Looking forward to the second quarter, the company said it believes that the ongoing investment in price competitiveness that contributed to gross profit and EPS declines in the first quarter will continue into the second quarter. Additionally, the company expects disruptions caused by the physical deployment of the Samsung Experience Shops and the optimization of retail floor space to have operational impacts during the second quarter.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.