Best Buy, Circuit City to Delay Earnings

From Associated Press

The nation’s top two consumer electronics retailers said they would delay their fourth-quarter earnings because of unrelated accounting issues.

Richfield, Minn.-based Best Buy Co. said it would report fourth-quarter earnings Friday, two days later than expected. The delay will allow the company to report a $50-million tax benefit related to its former Musicland Group subsidiary.

Separately, Richmond, Va.-based Circuit City Stores Inc. said it would hold off on its results until the completion of a lease-accounting review that could reduce net income for the fourth quarter and fiscal 2005.