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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (40201)	9/5/2003 8:32:25 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69374

Best Buy raises forecast By TERRY WEBER Globe and Mail Update E-mail this Article Print this Article Advertisement Electronics chain Best Buy Co. Inc. raised its earnings forecast for the second time in a month on Thursday, triggered by strong back-to-school sales of notebook computers. Minnesota-based Best Buy — which owns Canada's Future Shop Ltd. chain — said it now expects second-quarter earnings from continuing operations to range from 41 cents (U.S.) to 43 cents. Analysts had been expecting earnings of about 40 cents on average in the quarter. The announcement came after a similar move in August, in which the retailer said it expected to make 37 cents to 42 cents in the quarter, prompting analysts to reconsider their estimates. In Thursday's announcement, the retailer also said revenue from continuing operations rose 17 per cent to $5.39-billion for the quarter ended Aug. 30, compared with $4.62-billion a year earlier. "We believe this strong performance resulted from higher customer traffic levels in our stores, which were driven in part by the federal tax refunds received by consumers; our employees' superior commitment and execution; and market share gains," Best Buy chief executive officer Brad Anderson said in a statement. The company also boosted its full-year earnings guidance for continuing operations to $2.30 to $2.35 a share. That compares to $1.91 posted last year. Best Buy's results are due Sept. 17.