Business & Tech
Best Buy First Quarter Profits Exceed Analysts' Estimates
The company releases its first quarter profit earnings for this fiscal year Tuesday.
Once again Best Buy reported quarterly profits coming up short Tuesday, however, the company's earnings came in higher than what most analysts estimated.
According to Bloomberg Business, revenue in the first quarter, which included an extra week, increased 2.1 percent to $11.61 billion, exceeding the $11.5 billion average of 19 analysts’ estimates. (If you exclude the extra week, revenue declined 4.3 percent.)
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While the company was 25 percent down, after accounting for restructuring costs, the company maintained its earnings outlook for fiscal 2013, according to an article on NASDAQ.com.
In addition, Bloomberg reported that Best Buy lured customers with discounts on smartphones, part of ’s efforts to compete with Amazon.com.
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So far this year, Best Buy stocks have declined 21 percent and after four top-level employees and its founder have stepped down, interim CEO Mike Mikan said a turn-around plan will be unveiled this summer. Earlier this week, the company announced it had hired Spencer Stuart to handle the search for a new CEO.
Richfield Patch will continue to update readers as more Best Buy news happens.
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