Best Buy profit falls but still beats Street's expectations

Best Buy (BBY), the largest consumer electronics retailer, posted better-than-expected quarterly earnings as its long-time rival Circuit City frittered away in bankruptcy.

Net earnings were $570 million, or $1.35 per share, down 23 percent compared with $737 million, or $1.71 per share, the previous year, the Richfield, Minn.-based company said in a statement. Excluding one-time items, earnings were $682 million, or $1.61 per share, a decrease of 6 percent from a year earlier.