Best Buy Q4 profit declines, adjusted results beat Street

Minneapolis -- Best Buy Co. reported Thursday that net income for the quarter ended Feb. 26 fell 16% to $651 million, compared with $779 million in the year-ago period. However, adjusted results beat Wall Street expectations.

The retailer cited restructuring costs and weak TV and other electronics sales for the performance decline.

Revenue dipped 2% to $16.26 billion. In the United States, revenue fell 4% to $12.1 billion, while international revenue rose 4% to $4.1 billion. Same-store sales fell 4.6% during the three months ending Feb. 26, including a 5.5% decline in the United States.

"Overall demand for key consumer electronics products was a challenge for the industry last year," said CEO Brian Dunn in a statement.
Same-store sales decreased 4.6% during the period.

For the full year, net income fell 3% to $1.28 billion, from $1.32 billion a year earlier. Revenue rose 1% to $50.27 billion, from $4.97 billion.

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