Best Buy earnings, comps rise

MINNEAPOLIS Best Buy reported net earnings of $779 million, or $1.82 per diluted share, for its fiscal fourth quarter ended on Feb. 27, compared with $570 million, or $1.35 per diluted share, for the prior-year period. Diluted earnings per share increased 13% versus the prior-year period's adjusted diluted earnings per share of $1.61, which excluded the impact of restructuring and impairment charges incurred in the previous year's fiscal fourth quarter.

Best Buy reported that fourth-quarter revenue increased 12% to $16.6 billion, compared with revenue of $14.7 billion for the fourth quarter of fiscal 2009, reflecting a comparable-store sales gain of 7%.

Comparable-store sales in the company's domestic segment were up 7.4%, driven primarily by an increase in average ticket, the company reported.

For fiscal 2010, Best Buy reported total revenue of $49.7 billion, a 10% increase year-over-year. Adjusted net earnings were $3.15 per diluted share, representing a 9% increase year-over-year, versus adjusted net earnings per diluted share of $2.88 in fiscal 2009.

For fiscal 2011, Best Buy said expects earnings per share in the range of $3.45 to $3.60 and a comparable-store sales increase of 1% to 3%.