00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Best Buy reported lower holiday quarter sales that missed Wall Street expectations,
00:07but posted earnings that beat estimates as profitability improved, according to CNBC.
00:12The retailer reported fourth quarter adjusted earnings of $2.61 per share on $13.81 billion
00:19in revenue, beating estimates of $2.47 per share, but missing revenue expectations of $13.88 billion.
00:27For about four years, Best Buy has attributed slower sales to price-sensitive consumers,
00:33a weaker housing market, less tech innovation, delayed big-ticket purchases,
00:38and higher tariffs on imported electronics.
00:41Best Buy expanded into higher-margin businesses by growing advertising and its third-party marketplace,
00:47nearly doubling ad partners year over year and increasing the number of available products.
00:51Best Buy expects fiscal year revenue of $41.2 billion to $42.1 billion
00:57and adjusted earnings of $6.30 to $6.60 per share.
01:03Shares jumped more than 10% in pre-market trading.
01:06For all things money, visit Benzinga.com.
Comments