Best Buy: Big Q4 EPS Beat; Strong Guidance; Stock Jumps
Best Buy (BBY) this morning reported sharply higher-than-expected profits for its fiscal fourth quarter ended Feb. 28.
For the quarter, the last large national electronics retailer posted revenue of $14.724 billion, a bit below the Street consensus at $14.8 billion. But adjusted EPS of $1.61 a share nicely beat the Street at $1.40 a share. (In the release, Best Buy says the Street had been expecting $1.38. But whatever.) Comparable store sales were down 4.9 percent in the quarter, but gross margin improved to 24.6 percent from 23.7 percent a year ago.
For 2010, the retailer sees revenues of $46.5 billion to $48.5 billion; the Street has been forecasting $48.1 billion.
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