Best Buy 1Q profit falls 7 percent

Best Buy reported a 7 percent drop first-quarter profits Tuesday, but it still beat Wall Street's expectations because of a lower share count and increased sales.

The electronics retailer said net income dipped to $179 million, or 43 cents per share, from $192 million, or 39 cents per share. The per-share figure is based on fewer shares outstanding.

Thomson Financial said analysts expected profit of 37 cents per share.

Best Buy Co. Inc. said revenue jumped 13 percent to $8.99 billion from $7.93 billion. Analysts expected $8.57 billion.

Sales rose 3.7 percent at stores open at least 14 months. So-called comparable store sales are a key …