Best Buy 1st-quarter results fall short

MINNEAPOLIS (AP) - Best Buy says consumers bought more cell phones at its mobile unit in the first quarter, but results missed expectations and shares tumbled nearly 7 percent in premarket trading.

Net income edged up 1 percent to $155 million, or 36 cents per share, from $153 million, or 36 cents per share, last year.

Revenue rose 7 percent to $10.79 billion from $10.1 billion.

Analysts polled by Thomson Reuters expected net income of 50 cents per share on revenue of $10.93 billion.

Revenue in stores open one year rose 2.8 percent. The measure is a key indicator of a retailer's financial health.

Best Buy of Minneapolis benefited when its rival Circuit City closed last year, but it faces stepped up competition from online retailers and discount stores such as Wal-Mart.