MINNEAPOLIS -- Best Buy Co. reported Thursday that net income for the quarter ended Feb. 26 fell 16% to $651 million, compared with $779 million in the year-ago period. However, adjusted results beat Wall Street expectations.
The retailer cited restructuring costs and weak TV and other electronics sales for the performance decline.
Revenue dipped 2% to $16.26 billion. In the United States, revenue fell 4% to $12.1 billion, while international revenue rose 4% to $4.1 billion. Same-store sales fell 4.6% during the three months ending Feb. 26, including a 5.5% decline in the United States.
"Overall demand for key consumer electronics products was a challenge for the industry last year," said CEO Brian Dunn in a statement.
Same-store sales decreased 4.6% during the period.
For the full year, net income fell 3% to $1.28 billion, from $1.32 billion a year earlier. Revenue rose 1% to $50.27 billion, from $4.97 billion.
For the fiscal year ending March 3, 2012, Best Buy said it is expecting revenue of $51 billion to $52.5 billion, comparable-store sales of flat to a 3% decline and net earnings per diluted share of $3.28 to $3.53.