Best Buy Profit Down 12 Percent
Best Buy's first quarter profit dropped 12 percent over last year's number to $136 million, a performance attributed to soft demand for flat panel TVs and other products.
The performance, however, outperformed analyst expectations, according to MarketWatch. Also on the positive side, the company reported that mobile phone sales were strong, growing 28 percent in comparable stores.
"We're pleased that our actions improved sales trends within the quarter, with continued double-digit growth online and strong growth of mobile phones and connections," CEO Brian Dunn said in a statement. "We also made progress on our goal of enhancing returns by continuing strong share repurchasing activity."