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Best Buy posts 2Q profit, results top Wall Street estimates

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RICHFIELD, Minnesota — Best Buy Co. (BBY) on Tuesday reported fiscal second-quarter earnings of $164 million.

On a per-share basis, the Richfield, Minnesota-based company said it had net income of 46 cents. Earnings, adjusted for one-time gains and costs, were 49 cents per share.

The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.

The consumer electronics retailer posted revenue of $8.53 billion in the period, also surpassing Street forecasts. Ten analysts surveyed by Zacks expected $8.3 billion.

Best Buy shares have declined 25 percent since the beginning of the year, while the Standard & Poor's 500 index has fallen 8 percent. The stock has declined 6 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on BBY at http://www.zacks.com/ap/BBY

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Keywords: Best Buy, Earnings Report

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