Best Buy Raises Outlook on Strong Sales
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A growing appetite for flat-screen TVs led Best Buy Co. to boost its fiscal fourth-quarter earnings outlook, sending its shares up 8.5%.
The nation’s largest consumer electronics chain also credited strong gift-card spending and tighter expense controls for raising the range of its earnings expectations.
For the quarter ending Feb. 25, Best Buy projected earnings from continuing operations of $1.25 to $1.30 a share, versus its previous view, which called for earnings at the high end of a $1.06 to $1.16 a share range. For fiscal 2006, Best Buy forecast earnings from continuing operations of $2.24 to $2.29 a share.
Best Buy shares rose $4.13 to $52.96.
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