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.
Business Insider Emails & Alerts
Site highlights each day to your inbox.