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Best Buy posts strong sales growth heading into holidays

Full year forecast also boosted

November 20, 2018 - 7:54 am
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  RICHFIELD, Minn. (AP) - Best Buy Co. (BBY) on Tuesday reported fiscal third-quarter profit of $277 million.

   The Richfield, Minnesota-based company said it had net income of 99 cents per share. Earnings, adjusted for one-time gains and costs, were 93 cents per share.

   The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.

   The consumer electronics retailer posted revenue of $9.59 billion in the period, also exceeding Street forecasts. Ten analysts surveyed by Zacks expected $9.55 billion.

   For the current quarter ending in January, Best Buy expects its per-share earnings to range from $2.48 to $2.58. Analysts surveyed by Zacks had forecast adjusted earnings per share of $2.58.

   The company said it expects revenue in the range of $14.4 billion to $14.8 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $14.67 billion.

   Best Buy expects full-year earnings in the range of $5.09 to $5.19 per share, with revenue ranging from $42.5 billion to $42.9 billion.

   Best Buy shares have fallen 9 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 1 percent. The stock has risen 11 percent in the last 12 months.

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   This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BBY at https://www.zacks.com/ap/BBY