Best Buy beats street despite Q1 profit slump

MINNEAPOLIS — Best Buy reported Tuesday that net income for the first quarter fell 12% to $136 million, or 35 cents per diluted share, hurt by increased promotions and lower demand for such items as flat-panel televisions and digital cameras. But strong showings in China, mobile phone sales and online performance pushed helped to boost profit and revenue past analyst estimates. Revenue edged up 1% to $10.9 billion on a 12% jump in online revenue. Same-store sales dipped 1.7%. However, domestic online sales rose 12%, while domestic mobile-phone comparable sales jumped 28%. Tablet computers, digital book readers, appliances and