Best Buy Tops 4Q Expectations
RICHFIELD, Minn. (AP) -- Best Buy is reporting surging sales at stores and it's topped Wall Street's profit and revenue expectations for the fourth quarter.
Sales at comparable stores jumped 9 percent during the period that includes the critical holidays.
The consumer electronics retailer on Thursday posted net income of $364 million, or $1.23 per share. Earnings, adjusted for one-time gains and costs, were $2.42 per share, blowing past the per-share projections from analysts of $2.05, according to Zacks Investment Research.
Revenue for the Richfield, Minnesota, company was $15.36 billion, well above projections for $14.57 billion.
Shares of Best Buy Co. jumped 7 percent before the opening bell.
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