RICHFIELD, Minn. — Best Buy Co. today reported fiscal first-quarter earnings of $595 million.
The company said it had net income of $2.32 per share. Earnings, adjusted for restructuring gains, were $2.23 per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.45 per share.
The consumer electronics retailer posted revenue of $11.64 billion in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $10.57 billion.
Best Buy shares have climbed 17% since the beginning of the year, while the S&P’s 500 index has risen 12%. The stock has risen 47% in the past 12 months.