Best Buy Co reported an 18.5 percent rise in fourth-quarter profit on Wednesday, helped by sales of flat-panel televisions. Best Buy shares were up 1.8 percent in electronic composite trading after the results, compared with a 2.9 percent decline for rival Circuit City Stores, which reported a quarterly loss after taking charges tied to store closures.
At Best Buy, net income for the fiscal fourth quarter ended March 3 rose to $763 million, or $1.55 per share, from $644 million, or $1.29 a share, a year earlier. Revenue increased 21 percent to $12.9 billion, and same-store sales increased 5.9 percent.
Analysts on average expected profit of $1.52 per share on revenue of $12.75 billion, according to Reuters Estimates. Entertainment software had a 9.2 percent same-store sales gain, while appliance sales at stores open at least a year were up 0.5 percent.
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