Best Buy Profit Triples in Fiscal 1st Quarter

Best Buy Co. said its profit more than tripled in its fiscal first quarter, beating its recently raised forecast, on demand for cheaper electronics and computers. The retailer’s net income was $47.3 million, or 22 cents a share, up from $15.7 million, or 8 cents, a year earlier. Best Buy said almost two weeks ago that it would earn 20 cents a share in the quarter, topping analysts’ forecasts at the time of about 13 cents. Revenue climbed 23% to $2.39 billion, and sales at stores open at least a year jumped 13%. Best Buy’s shares rose $1.19 to close at $53.94 on the NYSE.