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.