RICHFIELD, Minn. — Best Buy Co. today reported fiscal first-quarter net income of $341 million.
On a per-share basis, the company said it had net income of $1.49. Earnings, adjusted for amortization costs and restructuring costs, came to $1.57 per share.
The results fell short of Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.59 per share.
The consumer electronics retailer posted revenue of $10.65 billion in the period, which topped Street forecasts. Nine analysts surveyed by Zacks expected $10.43 billion.
Best Buy expects full-year earnings in the range of $8.40 to $9 per share, with revenue in the range of $48.3 billion to $49.9 billion.
Best Buy shares have declined 29% since the beginning of the year, while the S&P’s 500 index has fallen 17%. The stock has decreased 37% in the past 12 months.