Best Buy Q3 Profit Quadruples

Best Buy (BBY) announced today its third quarter profit was more than four times earnings in last year's third quarter.

Best Buy said early holiday shopping helped it to earn $227 million for the quarter, or 53 cents per share, as compared to $52 million, or 13 cents per share, in the same quarter last year. Last year's results include charges taken on a big decline in Best Buy's investment in a U.K. retailer.

Revenue was up 5 percent, to $12 billion, on a 9 percent increase in domestic sales, and a 6 percent decline in international sales.

Same store sales were up 1.7 percent.

Best Buy said it is now forecasting $49 billion to $49.5 billion in revenue for the full year 2009, and earnings of $2.94 to $3.09 per share for the year, as compared to a previous forecast of $2.70 to $3.

Since its primary competitor, Circuit City, shut down sat year, Best Buy had gained market share, although rivals likes Wal-Mart (WMT) and Radioshack (RSH) continue to offer competition.

Best Buy shares trading down by nearly five percent early Tuesday.

The preceeding is a transcript of the MarketNewsVideo.com video published at: http://www.marketnewsvideo.com/?id=200912BestBuy121509&mv=1.

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