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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.
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Food Lion raises more than $500K for Hunger Has a Cure campaign
SALISBURY, N.C. — Food Lion announced the results of its two-week Hunger Has a Cure campaign.
The campaign, which ran April 4 to April 17, raised more than $500,000, which will support Feeding America's network of local food banks. Feeding America will use the funds to provide 3.7 million meals to those in need. As part of the campaign, customers were given the opportunity to donate $1, $3 or any other amount of their choice at checkout.