Best Buy Posts $461 Million Profit

Best Buy for the most recent quarter posted a profit of $461 million, compared with a loss of $81 million as the same time last year.

The performance was attributed to both cost-cutting and a large tax benefit, as Best Buy released its first-quarter earnings on Thursday.

“This quarter reflects continued progress in our Renew Blue transformation,” CEO and Renew Blue architect Hubert Joly said in a statement.

“From a financial perspective, we delivered just over $9 billion in revenue and a better-than-expected $0.33 in non-GAAP diluted earnings per share. As expected, Domestic comparable sales declined 1.3%, in a context where sales in the Consumer Electronics industry continued to decline. Nevertheless, we achieved market share gains in the U.S. fueled by our improved price competitiveness and an enhanced customer experience focused on advice, service and convenience. This was evidenced by our 250 basis-point year-over-year improvement in our Net Promoter Score.”

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