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Best Buy tops 3Q earnings and revenue expectations

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RICHFIELD, Minnesota — RICHFIELD, Minnesota — Best Buy Co. (BBY) on Thursday reported fiscal third-quarter profit of $107 million.

The Richfield, Minnesota-based company said it had profit of 30 cents per share. Earnings, adjusted for one-time gains and costs, came to 32 cents per share.

The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.

The consumer electronics retailer posted revenue of $9.38 billion in the period, also exceeding Street forecasts. Analysts expected $9.09 billion, according to Zacks.

Best Buy shares have decreased 11 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 11 percent. The stock has decreased slightly more than 8 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. BBY stock research report from Zacks.

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Keywords:Best Buy,Earnings Report

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