Best Buy tops Street 1Q forecasts

FILE - In this Tuesday, Feb. 9, 2016, file photo, a shopper carts his purchased LED TV at a Best Buy in Miami. On Tuesday, May 24, 2016, Best Buy reports financial results. (AP Photo/Alan Diaz, File) FILE - In this Tuesday, Feb. 9, 2016, file photo, a shopper carts his purchased LED TV at a Best Buy in Miami. On Tuesday, May 24, 2016, Best Buy reports financial results. (AP Photo/Alan Diaz, File)

By Associated Press May 24, 2016 1 min read

RICHFIELD, Minn. (AP) – Best Buy Co. (BBY) on Tuesday reported fiscal first-quarter profit of $229 million.

The Richfield, Minnesota-based company said it had net income of 70 cents per share. Earnings, adjusted for one-time gains and costs, came to 44 cents per share.

The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.

The consumer electronics retailer posted revenue of $8.44 billion in the period, which also topped Street forecasts. Ten analysts surveyed by Zacks expected $8.29 billion.

For the current quarter ending in August, Best Buy expects its per-share earnings to range from 38 cents to 42 cents.