Appliance and consumer electronics retailer Best Buy Co., Inc. revised its fourth-quarter outlook after reporting net earnings of U.S. $148 million, or $0.45 per diluted share, for the third quarter ended Nov. 27, 2004.
For the fourth quarter fiscal 2005 period, ended Feb. 26, 2005, Best Buy said it anticipates earnings in the range of $1.56 to $1.66 per diluted share, an increase of approximately 13 percent from the comparable period in 2003. For the fourth quarter of fiscal 2004, the company had earnings of $1.42 per diluted share.
Best Buy also updated its earnings guidance for fiscal 2005. The company said it continues to expect revenue for fiscal 2005 of approximately $27.5 billion, an increase of 12 percent.
“Month-to-date revenue is on track with our expectations. We currently expect a comparable store sales gain of 3 to 5 percent for both fiscal December and the fourth quarter,” Darren Jackson, executive vice president and CFO, said. “Our revenue guidance reflects the calendar shift, including the benefit of two extra shopping days before Christmas; our improved ability to serve customers in our stores; and the continued strength we see in digital televisions, MP3 players, digital cameras, notebooks and appliances, among other areas."
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