Best Buy Co. reported Tuesday a 7 percent drop in first-quarter profits because of a lower share count and increased sales.
The electronics retailer said net income dipped to 179 million U.S. dollars, or 43 cents per share, from 192 dollars million, or 39 cents per share.
Best Buy said revenue jumped 13 percent to 8.99 billion dollars from 7.93 billion dollars.
The company said the gain was driven by customers who bought higher-priced items such as flat-panel TVs, video gaming consoles, notebook computers and GPS devices.
The company expects adjusted profit of 3.25 dollars to 3.40 dollars per share and revenue of 43 billion dollars to 44 billion dollars in fiscal 2009.
Source:Xinhua
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