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Best Buy let out a hearty "ho ho ho" as the start of the holiday shopping season yielded positive results for the retailer. But investors looking at the company's profit outlook bellowed "sell sell sell."
Boosted by U.S. holiday shoppers buying items from laptop computers to mobile phones, Best Buy's third-quarter profit more than quadruples as the retailer raises its forecast for the full fiscal year.
There’s bad news even in Best Buy's good news.
Dec. 15 (Bloomberg) -- Best Buy Co. , the largest electronics retailer, said its fourth-quarter gross profit rate will be lower than it anticipated as the chain relies on less profitable notebook computers and televisions to drive sales.
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.
Retail stocks fall after No. 1 U.S. electronics chain Best Buy Co. says fourth-quarter gross margin, a measure of profit, would be worse than expected in the face of deflation in notebook computers and flat panel televisions.
Best Buy announces that its profit more than triples in the third quarter and raises its full-year forecast.
MINNEAPOLIS -- Best Buy Co. said Tuesday its third-quarter profit more than quadrupled. But the company predicted profit margins will be squeezed as shoppers veer toward cheaper laptops and TVs.
Retail Stocks Fall; Best Buy Hit On Margin View
Dec. 15 (Bloomberg) -- Best Buy Co., the world’s largest electronics retailer, had third-quarter profit was 53 cents a share on an adjusted basis. Analysts surveyed by Bloomberg had estimated profit of 44 cents a share.
Best Buy reported better-than-expected third-quarter results on Tuesday. During a call with investors, CEO Brian Dunn talked about the electronics retailer's traffic, sales and online business the two days after Thanksgiving that are popular for shopping.... BestBuy - BlackFriday - retail - Thanksgiving - Brian J. Dunn
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