Best Buy posts a strong fourth-quarter profit Thursday on a steep sales increase fueled by flat-panel TVs, notebook computers and wireless gadgets. Best Buy trades on the “New York Stock Exchange” under the stock symbol “BBY”. For More information regarding the "BBY", make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Best Buy (NYSE:BBY) profits rose 37 percent, and its revenue grew 12 percent to $16.55 billion. It also projected a brighter-than-expected 2010. Best Buy's profit for the three months ended Feb. 27 rose to $779 million, or $1.82 per share. Analysts polled by Thomson Reuters, on average, predicted a profit of $1.79 per share. Excluding an impairment charge in last year's quarter, profit rose 13 percent.
The company plans to open 75 to 100 small-format stores, mostly selling mobile devices only. Best Buys offers phones and plans from national carriers AT&T, Sprint, T-Mobile and Verizon, along with other carriers on a regional basis and prepaid phones and plans.
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