Best Buy Co. turned in mixed results on diminished expectations for the spring quarter, squeezed by slowing sales and growing costs. Executives lowered their outlook for the rest of the year.
Best Buy executives and analysts had anticipated a decline in the February-through-April period. Its sales beat analysts' expectations, but inflation and the need for product markdowns took a slightly bigger hit than expected on its profit.
Richfield-based Best Buy said it earned $341 million, down 43% from $595 million in the same period a year ago. That amounted to an adjusted per-share profit of $1.57, below the $1.61 forecast of analysts surveyed by Reuters.
