Best Buy Beats 4Q Profit Forecasts
RICHFIELD, Minn. (AP) — Best Buy Co. (BBY) on Tuesday reported fiscal fourth-quarter earnings of $519 million.
On a per-share basis, the Richfield, Minnesota-based company said it had net income of $1.46. Earnings, adjusted for one-time gains and costs, came to $1.48 per share.
The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.36 per share.
The consumer electronics retailer posted revenue of $14.21 billion in the period, which missed Street forecasts. Analysts expected $14.41 billion, according to Zacks.
For the year, the company reported profit of $1.23 billion, or $3.49 per share. Revenue was reported as $40.34 billion.
Best Buy shares have fallen roughly 1 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 3 percent. The stock has climbed 45 percent in the last 12 months.
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