Overview

• Best Buy reported a drop in sales in the first quarter but profits exceeded expectations.
• The company expects consumer electronics spending to remain weak this year but sees the sales decline lessening over the course of the year.
• Best Buy's CEO said shoppers are making spending tradeoffs due to higher costs in other areas like housing, food and gas.
• The company's net income fell to $244 million in the first quarter, and net sales declined to $9.47 billion.
• Best Buy is looking to new revenue streams like its membership program and health care business to supplement consumer electronics sales.