by Christopher Freeburn | May 22, 2012 9:44 am
Best Buy (NYSE:BBY[1]) posted earnings for the first quarter[2] of $158 million, down 26% from $212 million during the same period last year.
Adjusted EPS for the quarter was 72 cents, which solidly beat analysts who had predicted 59 cents a share, the Associated Press noted. Including restructuring costs, EPS was 46 cents, down from 53 cents last year.
Shares of the retailer rose more than 1% in early Tuesday trading.
The big box electronics retailer reported that revenue rose 2% to $11.61 billion during the quarter, driven by rising sales of tablets and smartphones, which offset sales declines for TVs and laptops.
This also exceeded analysts’ forecast of revenue of $11.5 billion.
Same-store sales fell 5.3%, largely due to soft performance in Europe and China.
The company reiterated its outlook for 2013, predicting adjusted EPS of between $3.50 and $3.80. Analysts forecast $3.60 a share.
The quarterly results come after a tumultuous period for Best Buy, whose former CEO Brian Dunn resigned abruptly in April[3]. That was followed by the resignation of its founder and chairman Richard Schulze, who stepped aside last week after it emerged that he had failed to inform the company’s board[4] after learning of an inappropriate relationship between Dunn and a female employee.
Last month Best Buy announced plans to shed 400 employees, shutter a number of stores and reduce expenses by $800 million.
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