Best Buy Earnings Beat Forecast
Best Buy on Tuesday reported a 3 percent decrease in quarterly earnings from the same time the year before, but still beat Wall Street forecasts. The retail giant reported a profit of $737 million in the fourth quarter, compared with $763 million the same time the year before. Revenue, however, rose 4 percent.
The AP reported that both earnings and revenue exceeded analyst forecasts, which caused its stock to surge in early-morning trading.
The company said that FY 2008 marks the tenth consecutive year it has achieved double-digit revenue growth.