Best Buy Co., Inc. reported net earnings of US$192 million, or $0.39 per
diluted share, for its fiscal first quarter ended June 2, 2007. The consumer electronics and appliances retailer's earnings decreased 18% from $234 million, or $0.47 per diluted share, from the prior-year first quarter.
"Our first-quarter results fell short of our expectations. Strong revenue results from
lower-margin products significantly cut into our gross profit rate," said Brad Anderson, vice chairman and CEO of Best Buy. "Yet our customers continued to increase our market share. Our share gains, combined with other indicators we see, show that our core business is healthy. To us, the totality of our results suggests we are on the right track with our strategy, which is aimed at re-defining the customer experience."
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