Best Buy’s Q3 profit jumps
Best Buy (NYSE:BBY), which now carries fitness equipment in select stores, said its third-quarter profit was boosted by customers buying electronics and gift cards, but it was cautiously optimistic about the rest of the holiday shopping season.
"The trends we experienced in the third quarter continue to provide encouragement about what lies ahead in the balance of the fiscal year," said Jim Muehlbauer, Best Buy's CFO and executive vice president of finance, in a statement.
It said same-store sales rose more than 10 percent Thanksgiving weekend. Web sales rose 20 percent in the third quarter, which ended on Nov. 28, the Saturday after Thanksgiving, from a year earlier.
Net income for the third quarter rose to $227 million, or $0.53 per share, from $52 million, or $0.13 per share, last year when it wrote down the value of its U.K. retailer Carphone Warehouse.
Revenue rose 5 percent to $12.02 billion compared with revenue of $11.5 billion for the third quarter of fiscal 2009.
The company now expects yearly revenue of $49 billion to $49.5 billion, up from previous guidance of $48 billion to $49 billion. It expects profit of $2.94 to $3.09 per share, or $3.00 to $3.15 per share excluding one-time items.
--Compiled by Wendy Geister
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