Best Buy Says Profit to Surpass Forecasts
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Best Buy Co. said earnings this quarter will exceed expectations because of increased holiday demand for video games, cameras and other digital products.
The company also said profit for the fiscal year that begins March 3 will rise 18% to 21%. Best Buy said it would open 60 stores by March 2003, including its first stores in Alaska, Idaho, Utah, West Virginia, Wyoming and Manhattan.
December same-store sales climbed 6.2%, helped by strong demand for video-game systems.
With stronger sales of high-margin digital goods, Best Buy said it will earn $1.35 to $1.40 a share for the fiscal fourth quarter, up from 89 cents a year earlier. Analysts’ average estimate was $1.27.
Shares of Eden Prairie, Minn.-based Best Buy rose 40 cents to $75.16 on the NYSE.
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