Best Buy 3Q profits quadruple, company expects slimmer 4Q

Best Buy Co. Inc. on Tuesday reported third-quarter profits were four times higher than they were a year ago. But the Richfield-based retail giant’s stock still dropped as it warned of a lower profit margin for the present quarter as holiday shoppers choose cheaper gizmos.

Best Buy (NYSE: BBY) said net income was $227 million, or 53 cents per share, for the quarter ended Nov. 28, versus $52 million, or 13 cents per share for the same quarter a year ago. Results were influenced by sales growing 5 percent to $12 billion, as well as a charge last year related to Best Buy losing value on its investment in British retailer Carphone Warehouse.

Sales in stores open at least 14 months — known as same-store sales, which is a closely watched barometer for retailers — rose 1.7 percent.

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- Posted: 2009-12-15 11:38:03

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