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To: Johnny Canuck who wrote (39755)	6/18/2003 10:56:10 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 71541

8:14AM Best Buy tops in Q1 by a penny; sees in-line Q2 (BBY) by Michael Baron Best Buy (BBY) is reporting first-quarter earnings from continuing operations of $69 million, or 21 cents per share, a penny ahead of the average estimate of analysts polled by Thomson First Call. Revenue at the Minneapolis-based consumer electronics retailer rose to $4.67 billion from $4.2 billion in the same period a year earlier. Same-store sales rose 2.2 percent in the period. Best Buy said rising selling, general and administrative expenses due to increased promotional activity at its U.S. stores hurt its gross profit rate in the first quarter. Looking ahead, the company sees earnings from continuing operations of 27 cents per share in the second quarter, in line with Wall Street's current consensus estimate. It expects same-store sales to rise in the mid-single digits for the second quarter. Best Buy left its outlook for earnings of $2.17 to $2.22 per share for fiscal 2004 intact. The stock closed Tuesday at $44.17, up 18 cents.