Tough times continue at Best Buy, Q1 earnings, comps fall

MINNEAPOLIS — Best Buy reported GAAP net earnings from continuing operations of $161 million, or 47 cents per diluted share, for the first quarter ended May 5, compared with net earnings from continuing operations of $255 million, or 64 cents per diluted share for the prior-year period. Excluding previously announced restructuring charges, adjusted (non-GAAP) net earnings from continuing operations for the first quarter was $246 million, or 72 cents per diluted share, compared with adjusted net earnings from continuing operations of $258 million, or 65 centsper diluted share, for the prior-year period.

"Best Buy is in a turnaround, and the strategic priorities we laid out at the beginning of the year are just the first phase of the changes to come," said Mike Mikan, CEO (interim) of Best Buy. "We know we have to better adapt to the new realities of the marketplace, and we are creating a long-term plan designed to make Best Buy more relevant with customers and position the company for sustained, profitable returns in the years ahead. First quarter results were in-line with our expectations, and we are reaffirming our previously provided annual guidance for fiscal 2013."

Total company revenue was $11.6 billion during the fiscal first quarter, an increase of 2.1% compared with the prior-year period, and included a comparable store sales decline of 5.3%. The comparale-store sales decline was offset by sales