Best Buy surprised analysts and investors by reporting profit of $266 million for the quarter ended Aug. 3, compared with $12 million a year ago, indicating that its corporate restructuring is paying off. The company also reported that sales at U.S. stores open for at least 14 months were down 0.4% from the year-earlier quarter, with same-store sales of entertainment products down 30% from a year ago.

Related Summaries