Best Buy profit exceeds analysts’ estimates on TVs, laptops
Best Buy Co., the largest electronics retailer, reported fourth-quarter profit that exceeded some analysts’ estimates, bolstered by demand for televisions and laptops. The shares rose in early trading.
Earnings rose to $1.82 in the quarter ended Feb. 27, the Richfield, Minn.-based retailer said Thursday. Analysts projected $1.79, the average of estimates compiled by Bloomberg.
Best Buy cut prices of flat-panel TVs before the National Football League’s championship game on Feb. 7 and offered discounts during the holidays to spur revenue. Sales by stores open at least 14 months increased 7% in the quarter.
Net income rose to $779 million from $570 million a year earlier, the company said. Revenue climbed 12% to $16.6 billion.
The company projected profit of $3.45 to $3.60 for the current year. That compares with $3.36, the average of estimates compiled by Bloomberg.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
