Best Buy's profit fell more than expectations, Raises FY10 Outlook

Best Buy Co., Inc. (NYSE: BBY), the electronics retailer, says profit fell 22% to $158 million, or 37 cents per share, from $202 million, or 48 cents per share last year, hurt by higher expenses and the stronger dollar. Revenue in the quarter ended Aug. 29 rose to $11 billion from $9.8 billion. Analysts predicted a profit of 42 cents per share on revenue of $10.79 billion.

The company now expects earnings of $2.70 to $3 for the year, up from between $2.50 and $2.70. Analysts predict $2.87.

Shares fell $0.53, or 1.01%, to $40.08 during premarket trading.