jumper...
did you see that I'm right about bestbuy cleaning up
Thursday December 4, 2:05 pm Eastern Time
Best Buy up on strong Q3 forecast
CHICAGO, Dec 4 (Reuters) - Shares of Best Buy Co Inc rose more than 13 percent after the specialty retailer projected
fiscal third quarter earnings well above estimates.
''The single biggest factor is the earnings, since it blew away everyone's numbers and suggests that Best Buy could be
taking market share from its competitors,'' said Everen Securities analyst Beth Richard. ''That's the best of all worlds,
when you can increase profits and take market share.''
Best Buy was up 4-5/16 to 36-5/16.
Earlier today, Best Buy estimated a profit for its third quarter, ended November 29, of $0.55 a share, compared with a
loss of $0.25 in the year-ago quarter and a First Call consensus estimate of a profit of $0.31.
Best Buy said its sales for the 13-week quarter rose 5 percent from a year ago to $2.11 billion, but same-store sales
were off 0.4 percent.
''Comparable-store sales for the quarter were better than we expected,'' said Chief Financial Officer Allen Lenzmeier
in a news release. He cited strong sales of digital technology products, cell phones, entertainment software, and
furniture during the Thanksgiving week.
In addition, Lenzmeier said, ''our overall financial performance continues to benefit from improvements in gross profit
margin and inventory management compared to the prior year.'' |
