Advertisement

Best Buy 4th-Quarter Profit Surges

Bloomberg News

Home electronics and appliance retailer Best Buy Co. said its profit rose 72% for its fiscal fourth quarter over the same period a year ago as it was able to reduce discounts and boost sales of high-profit digital videodiscs and digital phones. The Minneapolis-based company said it posted net income of $110.2 million, or 52 cents a share, 2 cents higher than the average estimate of 50 cents from analysts polled by First Call Corp. Revenue jumped 21% to $3.46 billion, and sales at stores open at least a year grew 11%. Best Buy shares fell $1.88 to close at $50 on the NYSE.


Advertisement