Best Buy: Dec. revenue in line with outlook

MINNEAPOLIS Best Buy today said it met its expectations for the month of December. The company reported that revenue for the fiscal month ended Jan. 5 rose 11% to $7.3 billion compared with $6.6 billion in revenue for the fiscal month ended Dec. 30, 2006.

Best Buy said that the revenue gain was driven by the addition of 127 new stores over the past 12 months and a comparable-store sales gain of 1.5%.

Brad Anderson, vice chairman and ceo, stated, “We’re proud of our employees' consistent execution, which is leading to future growth opportunities. Our employees also are driving continued gains in market share and customer loyalty, and employee retention is moving up. These strategic indicators fuel our confidence in our ability to generate profitable growth, as we prepare to conclude a strong fiscal year.” 

The company said expects annual revenue to be approximately $40 billion and diluted earnings per share to be in the range of $3.10 to $3.20.