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MG Strategies: Best Buy Co. Review in Progress
(M2 PressWIRE Via Thomson Dialog NewsEdge)
RDATE:03042008
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becoming a member today. On Wednesday April 2, 2008, we have added Best
Buy Co. (NYSE:BBY) to the list of potential prospects.
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Best Buy Co. was up over $0.75 on below average volume early trading
Wednesday, April 2, 2008. They recently announced the following:
Wednesday, April 2, 2008 - Best Buy Co., Inc. reported net earnings of
$737 million, or $1.71 per diluted share, for its fiscal fourth quarter
ended on March 1, 2008. The leading consumer electronics retailer's
diluted earnings per share increased 10 percent, compared with $1.55
per diluted share, or $763 million, for the prior year's fiscal fourth
quarter, which had one extra week. The company estimates that its
year-over-year diluted EPS growth was 14 percent after adjusting for
the extra week in the prior year's period. The EPS growth was largely
driven by the year-over-year reduction in the average number of shares
outstanding plus a modest gain in operating income.
The company noted that the quarter's operating results were in line
with its mid-February guidance update, when, after a solid holiday
shopping season, Best Buy reduced its expectations for fiscal 2008
earnings due to a slowdown in customer traffic. The diluted EPS was
higher than the updated annual guidance range of $3.05 to $3.10 due
primarily to a lower-than-expected effective income tax rate.
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