Best Buy Reports 3Q Profit Increase Dec 18, 2007

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Retailer Best Buy said its third-quarter profit jumped 52%, boosted by holiday shopping and sales of higher-ticket items such as flat-panel TVs. Profit for the quarter ended Dec. 1 rose to US$228 million, or $0.53 per share, from $150 million, or $0.31per share in the prior-year period. Revenue rose 17% to $9.93 billion, from $8.47 billion last year. Same-store sales increased 6.7%.

The company boosted its fiscal 2008 earnings outlook to between $3.10 and $3.20 per share, from a previous range of $3 to $3.15 per share. Best Buy expects revenue of about $40 billion for the year.

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