Revenue reached $9.93 billion in the three months ended Dec. 1, beating Wall Street's consensus estimate of $9.44 billion.
In the same period a year earlier, the Minneapolis consumer electronics retailer posted a profit of $150 million, or 31 cents a share, on revenue of $8.47 billion.
The company attributed the "better-than-expected" earnings per share growth to the 17% year-over-year increase in revenue, which was supported by new store openings and a same-store sales increase of 6.7% for the period.
Best Buy cited an increase in the average selling price from a favorable shift in product mix toward higher-ticket items, such as video gaming consoles, notebook computers, flat-panel TVs and GPS devices, as well as a calendar shift for the same-store sales gain.
For the full year, the company now sees earnings of $3.10 to $3.20 a share. Wall Street's current consensus estimate is for a profit of $3.12 a share in the period.
Best Buy's prior forecast for the year was for earnings of $3 to $3.15 a share.
It sees revenue of about $40 billion for the fiscal year ending in February 2008, ahead of the current mean estimate of analysts polled by Thomson Financial for revenue of $39.81 billion.
The company also said it now expects capital spending of about $900 million for the year. It see new store openings of about 150 for the period, up from a prior expectation of between 130 and 135 stores.
The stock closed Monday at $51.14. Michael Baron mb
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
MMMM
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
|
|
