-
Best Buy Q1 profit down 26%, but beats Street
Minneapolis -- Best Buy said its profit for the first quarter fell 26% amid higher restructuring charges and lower comparable store sales. However, adjusted earnings topped analysts' expectations and the company maintained its earnings outlook for fiscal 2013.
Best Buy said its profit fell to $158 million in the quarter ended May 5, from $212 million in the year-ago period.
Revenue rose 2% to $11.61 billion, helped by an extra week, and sales of tablets and mobile phones. International sales fell on weakness in China and Europe.
-
Payless puts best comps foot forward in Q1
TOPEKA, Kan. — Net sales at Collective Brands during the first quarter increased 5% to $912.1 million over the same period last year, driven in part by an 8.1% increase in comparable-store sales. The company reported net income of $33.2 million, or 54 cents per share, compared with $26.4 million, or 42 cents per share, in the first quarter of 2011.