RICHFIELD, Minn. — Best Buy Co. today reported fiscal second-quarter earnings of $306 million.
On a per-share basis, the company said it had profit of $1.35. Earnings, adjusted for restructuring costs and amortization costs, were $1.54 per share.
The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.26 per share.
The consumer electronics retailer posted revenue of $10.33 billion in the period, which also beat Street forecasts. Ten analysts surveyed by Zacks expected $10.24 billion.
Best Buy shares have dropped 27% since the beginning of the year, while the S&P’s 500 index has declined 15%. The stock has decreased 37% in the past 12 months.