Best Buy beats forecasts as it fights to stay afloat

By Associated Press

~~<p>NEW YORK » Best Buy Co. said Tuesday that its fiscal first-quarter profit dropped 26 percent on restructuring charges as the struggling electronics retailer began implementing a turnaround plan.</p>
<p>Its adjusted earnings and revenue both topped Wall Street's expectations. That's sorely needed good news for the electronics chain as it attempts to update its increasingly outmoded "big-box" store model. At the same time, the company is seeking a new CEO after the former top executive left amid scandal. Still, the results show the chain has a long way to go to improve results in a sustainable way.</p>
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NEW YORK » Best Buy Co. said Tuesday that its fiscal first-quarter profit dropped 26 percent on restructuring charges as the struggling electronics retailer began implementing a turnaround plan.

Its adjusted earnings and revenue both topped Wall Street's expectations. That's sorely needed good news for the electronics chain as it attempts to update its increasingly outmoded "big-box" store model. At the same time, the company is seeking a new CEO after the former top executive left amid scandal. Still, the results show the chain has a long way to go to improve results in a sustainable way. Login for more...