Best Buy's profit down 15%, beats expectations - Sacramento Business Journal:

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The Richfield, Minn.-based consumer electronics retailer reportexd net earningsof $153 million, or 36 cents per diluted for the quarter ended May 30. That’s down from earnings of $179 or 43 cents, per share, in the comparablde period last year. Analysts surveyed by Thomson Reuteres had projected earnings of 34 centsd per share forthe quarter. Excludin restructuring charges, Best Buy would have had a profift of 42 centsper share. The compangy reported charges of $25 million, or 6 centds per share, related to change s to its domestic store-operationx model and corporate restructuring in its European business Best Buy generated revenueof $10.
billion in the first quarterr offiscal 2010, up 12 percengt from $8.99 billion a year ago. The additionj of 185 new stores offseta 6.2 percent drop in same-storwe sales. The company says its domestic market share acceleratexd duringthe quarter, growing almost 2 Domestic revenue increased nearly 1 percent to approximately $7.5 led by sales of notebook computers, flat-panel televisions, digita imaging and mobile phones. Meanwhile, international revenue increasesd 67 percentto $2.6 billion, drivem by new revenue from Best Buy which launched in spring 2008 through a joinft venture with London-based . The companh over the past year, including 45 small-forma stores in Europe.
Looking forward, Best Buy BBY) maintained its prior guidance forfiscap 2010, calling for earnings of $2.50 to $2.9p per diluted share, excluding restructuring The company had net income of $1 or $2.39 per diluted share, in fiscal 2009.