RICHFIELD, Minn. (AP) _ Best Buy Co. (BBY) on Thursday reported fiscal fourth-quarter net income of $816 million.
The Richfield, Minnesota-based company said it had net income of $3.10 per share. Earnings, adjusted for one-time gains and costs, came to $3.48 per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $3.46 per share.
The consumer electronics retailer posted revenue of $16.94 billion in the period, which missed Street forecasts. Eight analysts surveyed by Zacks expected $17.19 billion.
For the year, the company reported profit of $1.8 billion, or $6.84 per share. Revenue was reported as $47.26 billion.
Best Buy shares have increased 14% since the beginning of the year, while the Standard & Poor’s 500 index has increased 4.5%. The stock has climbed 33% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BBY at https://www.zacks.com/ap/BBY
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