Best Buy is up 8% in pre-market trading after reporting earnings this morning.
The electronics retailer said that the consumer environment remained weak, but the stock spiked when the company reported net earnings of $US310 million ($0.88 a share) compared to a loss of $US461 million ($1.36 a share) a year earlier.
The company cut costs by $US765 million.
Adjusted for one-time items, the $US1.24 a share earnings figure beat analyst estimates.
From the press release: “From a revenue perspective, in light of overall economic concerns, we are assuming that the industry declines in the consumer electronics category that we saw in the fourth quarter will continue. As a result, it is reasonable to expect that total company revenue and comparable store sales will remain slightly negative similar to Q4 FY14 in the first half of the year.”