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Best Buy profit beats consensus by 27.6% in fiscal Q2

Best Buy Co. Inc. said its normalized net income for the fiscal second quarter ended Aug. 2 came to 40 cents per share, compared with the S&P Capital IQ consensus estimate of 31 cents per share.

EPS declined 44.5% year over year from 72 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $141.5 million, a decrease of 43.3% from $249.4 million in the prior-year period.

The normalized profit margin dropped to 1.6% from 2.7% in the year-earlier period.

Total revenue declined year over year to $8.90 billion from $9.27 billion, and total operating expenses fell year over year to $8.65 billion from $8.85 billion.

Reported net income decreased 37.8% from the prior-year period to $147.9 million, or 42 cents per share, from $237.6 million, or 69 cents per share.