Best Buy just reported middling results during its fiscal fourth quarter, sharply beating earnings estimates at $2.47 per share but missing revenue expectations by some $800 million.However top line results still improved 3 per cent from last year, to $16.6 billion. Or did it?
Buried in its announcement the company notes that it benefited from an extra week in fiscal 2012, without which things would not be so rosy.
“Excluding the 53rd week in the fourth quarter of fiscal 2011, total company revenue declined 1.1 per cent compared to the prior-year period.”
Best Buy chalks the slump to weakness in same store sales as gaming, notebooks, digital imaging and televisions all declined.