Best Buy Profit Beats Estimates on Europe Phone Sales

Best Buy Co., the largest U.S. electronics retailer, posted fourth-quarter profit that fell less than analysts estimated, helped by mobile-phone sales in Europe. The stock climbed in early New York trading.

Sales rose 9.7 percent to $14.7 billion in the three months ended Feb. 28, the Richfield, Minnesota-based company said today in a statement. Earnings excluding some items were $1.61 a share, exceeding analysts’ average estimate of $1.40, as compiled by Bloomberg. Best Buy’s profit forecast was also higher than analysts projected.

Read Full Article from Bloomberg

- Posted: 2009-03-26 08:37:15

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