Stock Alert - Best Buy Co., Inc. (Public, NYSE:BBY) Shares Fall 6.50% in Opening Session

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Best Buy Co., Inc. (Public, NYSE:BBY) fell 6.55% to $42.40 after Third-quarter net income increased to $227 million, or 53 cents a share, from $52 million, or 13 cents, a year earlier, when it had a 22-cent charge, the Minneapolis-based company said. Sales in the quarter ended Nov. 28 rose 5% to $12 billion from $11.5 billion, helped by the addition of 127 net new stores in the past 12 months.

Sales at locations open at least 14 months, a key industry-performance metric, rose 1.7%. They gained 4.6% in the U.S. as both traffic and the amount shoppers spend per transaction improved.

Analysts, on average, estimated Best Buy would earn 43 cents a share on sales of $12 billion, according to FactSet Research.

Best Buy raised its full-year profit forecast, excluding items, to $3 to $3.15 a share. It had projected $2.70 to $3 a share previously. It sees revenue of $49 billion to $49.5 billion, driven in part by sales of notebook computers and lower-priced flat panel televisions. Analysts surveyed by FactSet had expected full-year profit of $2.95 a share on sales of $48.4 billion.

Third-quarter gross margin narrowed to 24.5% from 24.9%, hurt by higher sales of less profitable notebook computers.

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