Best Buy Says Profit Up 80% in 4th Quarter
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Bloomberg News
Best Buy Co., the biggest U.S. electronics retailer, said its fiscal fourth-quarter profit rose a greater-than-forecast 80%, helped by sales of DVD players and digital TVs and the acquisition of the Musicland and Future Shop chains.
The company expects to report April 2 that earnings for the quarter ended Saturday were $1.58 to $1.63 a share. It was forecast to earn $1.40.
Shares of Eden Prairie, Minn.-based Best Buy rose $4.42, or 6.5%, to $72.99 on the New York Stock Exchange.
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