Best Buy Up 10% After Surprise Earnings Beat

Wait, maybe the consumer isn’t totally dead after all. With help from a dead Circuit City, Best Buy (BBY) turned in a surprising earnings beat this morning:

Marketwatch: The largest U.S. electronics retailer said that quarterly net income fell to $570 million, or $1.35 a share, from $737 million, or $1.71 a share, in the year-earlier period. Revenue in the quarter ended Feb. 28 rose 10% to $14.7 billion from $13.4 billion.

Excluding costs for voluntary departures and job cuts at its Minneapolis headquarters and elsewhere, Best Buy  said it would have earned $1.61 a share. Analysts, on average, expected the company to earn $1.40 a share in the fourth quarter, according to FactSet.

The company said it expects to report a profit of $2.50 to $2.90 a share for fiscal 2010. Analysts were looking for $2.45 a share, according to FactSet.

This is the second quarter in a row that the company’s exceeded forecasts.

Shares are up 10% pre-market.

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