Best Buy Tops Quarterly Profit Estimates After Cutting Costs
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Best Buy Co., the world’s largest electronics chain, posted fourth-quarter profit that topped analysts’ estimates after cutting expenses and getting more of its sales from the Internet.
Profit was $293 million, or 83 cents a share, in the quarter ended Feb. 1, compared with a loss of $409 million, or $1.21, a year earlier, the Richfield, Minnesota-based company said today in a statement. Earnings from continuing operations were $1.24 a share. Analysts had projected $1.01 a share, the average of 24 estimates compiled by Bloomberg.