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Best Buy profit beats consensus by 64.8% in fiscal Q1

Best Buy Co. Inc. said its normalized net income for the fiscal first quarter ended May 3 amounted to 33 cents per share, compared with the S&P Capital IQ consensus estimate of 20 cents per share.

EPS climbed 17.2% year over year from 28 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $114.4 million, a gain of 20.4% from $95.0 million in the prior-year period.

The normalized profit margin climbed to 1.4% from 1.0% in the year-earlier period.

Total revenue fell year over year to $9.04 billion from $9.35 billion, and total operating expenses fell year over year to $8.84 billion from $9.17 billion.

Reported net income rose year over year to $459.0 million, or $1.31 per share, from $98.9 million, or 29 cents per share.