Best Buy returns to profit in 4th quarter

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Associated Press

Posted on February 27, 2014 at 8:00 AM

Updated Thursday, Feb 27 at 8:02 AM

MINNEAPOLIS (AP) — Best Buy returned to a profit in the fourth quarter and topped Wall Street expectations as it cut costs to offset declining sales.

The specialty electronics retailer says it gained market share during the quarter and shares jumped 5 percent in premarket trading Thursday.

Net income after paying preferred dividends totaled $293 million, or 83 cents per share. That compares with a loss of $409 million, or $1.21 per share last year.

Excluding results from discontinued operations, net income was $1.24 cents per share, easily beating the $1.01 that analysts had projected, according to a poll by FactSet. Best Buy sold its stake in European company Carphone Warehouse in June.

Revenue fell 3 percent to $14.47 billion. Analysts expected revenue of $14.67 billion.

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