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Best Buy Stays Strong

Stock quotes in this article: BBY , CC  

Updated from 8:27 a.m. EDT

Best Buy (BBY Quote) cut costs and increased sales in its first quarter, blowing away Wall Street's profit expectation, but the consumer electronics giant kept its earnings target in place for the year in a display of caution about the economy.

The company boosted its first-quarter earnings by 38% to $234 million, or 47 cents a share, compared with the $170 million, or 34 cents a share, it logged in the same quarter last year. Analysts were expecting earnings of 36 cents a share, according to Thomson First Call.

Shares of the retail chain recently were up $1.66, or 3.4%, to $50.69. ...

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