Best Buy Co Inc. Q1 Profit Decreases, misses estimates

Best Buy Co Inc. (BBY) released earnings for first quarter that decreased from last year and missed the Street estimates.

The company's earnings came in at $341 million, or $1.49 per share. This compares with $595 million, or $2.32 per share, in last year's first quarter.

Excluding items, Best Buy Co Inc. reported adjusted earnings of $1.57 per share for the period.

Analysts on average had expected the company to earn $1.61 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 8.5% to $10.65 billion from $11.64 billion last year.

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

-Earnings (Q1): $341 Mln. vs. $595 Mln. last year.
-EPS (Q1): $1.49 vs. $2.32 last year.
-Analyst Estimates: $1.61
-Revenue (Q1): $10.65 Bln vs. $11.64 Bln last year.

Full year EPS guidance: $8.40 - $9.00
Full year revenue guidance: $48.3 - $49.9 Bln

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