Best Buy 1st quarter net income falls

By the Associated Press | June 14, 2011 | 8:45 AM EDT

MINNEAPOLIS (AP) — Best Buy says that weak sales of TVs and DVDs pushed its first-quarter net income down 12 percent, yet shares rose 6 percent with the electronics retailer topping profit and revenue expectations on Wall Street.

Growth in China and strong demand for mobile phones and e-readers pushed revenue up 1 percent.

The Minneapolis company said Tuesday that net income fell to $136 million, or 35 cents per share. That compares with $155 million, or 36 cents per share, last year. Analysts had expected net income of only 33 cents per share, according to Fact Set.

Revenue rose 1 percent to $10.9 billion, edging out most expectations.

Best Buy reaffirmed its full year guidance and expects revenue toward the higher end of its $51 billion to $52.5 billion range.