Best Buy (NYSE: BBY) reported Thursday that its profit rose 37 percent in its fiscal fourth quarter as revenue grew 12 percent to $16.55 billion, according to Associated Press.
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.
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Higher sales of notebook computers, flat-screen TVs and cell phones were partly offset by lower selling prices. Sales of music and movies, categories where more shoppers are buying online, fell.
Sales in stores open at least 14 months rose 7 percent during the key holiday quarter as Circuit City closed, increasing Best Buy’s market share.
For the year, profit rose 35 percent to $1.32 billion, or $3.10 per share. Revenue rose 10 percent to $49.69 billion.
The company says it expects a profit of $3.45 to $3.60 per share in the fiscal year ending in February 2011, which is better than analysts’ expectations of $3.37.
Best Buy expects revenue of $52 billion to $53 billion, in line with analyst expectations of $52.14 billion. It expects sales in stores open at least 14 months to rise 1 percent to 3 percent during the year.
Best Buy expects to open 50 to 55 new large-format Best Buys and 10 to 15 Five Star stores in China.
Shares rose $2.16, or 5.3 percent, to $43.34 during afternoon trading.
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