NEW YORK (
is tanking, after reporting first-quarter earnings that missed both top- and bottom-line expectations.
During the quarter, the electronics retailer earned $155 million, or 37 cents a share, compared with $153 million, or 37 cents in the year-ago period. Analysts were calling for a profit of 50 cents a share.
Sales inched up to $10.79 billion from $10.1 billion last year, less than the $10.94 billion Wall Street predicted. Same-store sales grew 2.8%.
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Best Buy reaffirmed its full-year guidance of $3.465 to $3.60 a share.
"While our financial results in the fiscal first quarter were below expectations, we remain confident that the strategic investments we are making will deliver more robust connected solutions for customers and support increased margin expansion during the fiscal year," Jim Muehlbauer, executive vice president of finance and CFO, said in a statement.
Shares of Best Buy are plummeting 6.1% to $38.55 in pre-market trading.
-- Reported by Jeanine Poggi in New York.
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