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Best Buy results top estimates

Tags: Best Buy, Retail

Best Buy Co. Inc. (BBY-N) reported better-than-expected quarterly results and maintained its outlook for the year as a turnaround plan started to take hold.

The stronger results eased concerns about the future of the retailer after Chief Executive Brian Dunn resigned abruptly last month amid a probe into allegations of personal misconduct.

Critics are also worried that Best Buy is serving as a showroom for Inc. (AMZN-Q) and other online retailers.

"Best Buy is in a turnaround, and the strategic priorities we laid out at the beginning of the year are just the first phase of the changes to come," Interim CEO Mike Mikan said. "We know we have to better adapt to the new realities of the marketplace."

Sales rose 2.1 percent to $11.61 billion US, beating the analysts' average estimate of $11.52 billion.

Net earnings fell to $161 million, or 47 cents a share, for the quarter ended May 5, from $255 million, or 64 cents a share, a year earlier. Excluding items, it earned 72 cents a share, beating the average estimate of 59 cents.

Best Buy's results were also helped by a lower tax rate and strength in its U.S. online segment.

The company maintained its fiscal 2013 outlook, seeing earnings of $3.50 to $3.80 a share, excluding restructuring costs. CTV Two CTV News CTV News Channel BNN - Business News Network CP24