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CORRECTED-(OFFICIAL)-Best Buy profit tops estimates; sales fall
May 21, 2013 / 11:30 AM / 4 years ago

CORRECTED-(OFFICIAL)-Best Buy profit tops estimates; sales fall

(Corrects to show sales were weaker, not weaker than expected in first paragraph; and in headline, that sales fall)

May 21 (Reuters) - Best Buy Co Inc reported weaker quarterly sales on Tuesday and warned that a slew of investments to win back shoppers could squeeze profits in the near term.

The news overshadowed a better-than-expected profit from the world’s largest consumer electronics chain in the first quarter and sent its shares down 4 percent in premarket trading.

Net earnings from continuing operations fell to $97 million, or 29 cents a share, from $169 million, or 49 cents a share a year earlier. Excluding restructuring and other charges but including Europe, it earned 36 cents a share, beating the analysts average estimate of 25 cents a share, according to Thomson Reuters I/B/E/S. (Reporting By Dhanya Skariachan; Editing by Maureen Bavdek)

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