RICHFIELD, Minn. (AP) — RICHFIELD, Minn. (AP) — Best Buy Co. (BBY) on Tuesday reported fiscal fourth-quarter net income of $541 million.
The Richfield, Minnesota-based company said it had profit of $2.56 per share. Earnings, adjusted for one-time gains and costs, were $2.61 per share.
The results beat Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $2.48 per share.
The consumer electronics retailer posted revenue of $13.81 billion in the period, which missed Street forecasts. Ten analysts surveyed by Zacks expected $13.91 billion.
Best Buy expects full-year earnings in the range of $6.30 to $6.60 per share, with revenue in the range of $41.2 billion to $42.1 billion.
Best Buy shares have dropped 8% since the beginning of the year, while the S&P's 500 index has risen 0.5%. The stock has declined 31% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BBY at https://www.zacks.com/ap/BBY
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