Best Buy Profit Beats Estimates
Best Buy Thursday reported a fourth quarter profit of $779 million, a 37 percent gain over the same period the year before. The retail giant attributed the performance to strong sales of TVs, computers and mobile phones.
The company reported an 11 percent increase in U.S. sales, including 7.4 percent in comparable sales. The company also gained 2.6 percent in market share.
Best Buy said it posted "double digit gains" in sales of notebook computers and mobile phones, and a "high single digit increase" in sales of flat panel TVs. Declines were reported for domestic sales of music and movies.