Best Buy says TVs and computers are strong sellers during 3rd quarter
By APTuesday, December 15, 2009
Glance: Best Buy 3Q earnings
Highlights from Best Buy’s third-quarter results:
NET INCOME: Up sharply to $227 million, or 53 cents per share, from $52 million, or 13 cents per share, last year. Last year’s results included a charge related to the decline in value in its investment in U.K. retailer Carphone Warehouse.
REVENUE: Up 5 percent to $12.02 billion.
TOP SELLERS: Gift cards, notebook computers, flat-panel televisions, mobile phones and appliances.
WEAK SELLERS: Games, movies and music.
OUTLOOK: 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 to earn $2.94 to $3.09 per share, or $3.00 to $3.15 per share excluding one-time items. It previously forecast earnings of $2.70 to $3 per share for the year.
