(Corrects to show sales were weaker, not weaker than expected
in first paragraph; and in headline, that sales fall)
May 21 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)