Best Buy Q1 profit falls 26 percent

Best Buy
A Best Buy store in West St. Paul, Minn.
MPR Photo/Nikki Tundel

MINNEAPOLIS (AP) -- Best Buy Co.'s fiscal first-quarter profit dropped 26 percent on restructuring charges as the struggling electronics retailer began implementing its turnaround plan.

Best Buy's shares jumped $1.28, or 7 percent, to $19.45 in premarket trading.

The Minnesota-based company reported net income fell to $158 million, or 46 cents per share, in the three months ended May 5. That's down from $212 million, or 53 cents per share, a year ago.

Excluding restructuring charges, earnings were 72 cents per share. Analysts expected 59 cents per share.

Revenue rose 2 percent to $11.61 billion, aided by an extra week. Sales of tablets and mobile phones climbed. International revenue fell on weakness in China and Europe.

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