Best Buy Co posted a 23 percent drop in quarterly profit on March 26, but its adjusted results topped Wall Street estimates as the retailer said it got a boost from stronger-than-expected consumer demand. While the top US specialty consumer electronics retailer expects consumer spending to remain challenging, it forecast full-year earnings above current Wall Street estimates.
Shares rose 7.9 percent to $36.10 before the opening bell. Earnings came to $570 million, or $1.35 a share, for the fourth quarter ended February 28, down from $737 million, or $1.71 a share, a year earlier. Excluding restructuring and impairment charges, it said adjusted earnings were $1.61 per share.