Best Buy profit tops estimates, sales miss

Tuesday, May 21st, 2013 | Finance News

(Reuters) - Best Buy Co Inc reported weaker-than-expected quarterly sales on Tuesday and warned that a slew of investments to win back shoppers could squeeze profits in the near term.

The news overshadowed a better-than-expected profit from the world's largest consumer electronics chain in the first quarter and sent its shares down 4 percent in premarket trading.

Net earnings from continuing operations fell to $97 million, or 29 cents a share, from $169 million, or 49 cents a share a year earlier. Excluding restructuring and other charges, it earned 32 cents a share, beating the analysts average estimate of 25 cents a share, according to Thomson Reuters I/B/E/S.

(Reporting By Dhanya Skariachan; Editing by Maureen Bavdek)

Source