Best Buy reports 1Q loss on restructuring costs

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Associated Press

Posted on May 21, 2013 at 8:02 AM

Updated Tuesday, May 21 at 8:02 AM

MINNEAPOLIS (AP) — Best Buy Co. is reporting a loss in its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores.

The electronics retailer says net loss for the three months ended May 4 after paying preferred dividends totaled $81 million, or 24 cents per share. That compares with net income of $158 million, or 46 cents per share, last year.

Excluding restructuring costs and costs related to selling its stake in Best Buy Europe, net income from continuing operations totaled 32 cents per share. Analysts expected 24 cents per share.

Revenue fell nearly 10 percent to $9.38 billion, short of expectations of $10.67 billion.

Best Buy's stock fell 3.4 percent to $25.90 in premarket trading.

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