Best Buy Q3 profit up 52% on strong game sales

Best Buy has reported a 52 per cent increase in third-quarter profits on strong sales of laptops and videogames.

For Q3, which ended December 1, earnings rose to USD 228 million, or 53 cents a share, up from USD 150 million, or 31 cents a share, the prior year. Revenue was up 17 per cent to USD 9.9 billion.

The company cited increased sales of big-ticket items like videogame consoles, notebook computers, navigation devices and flat-panel televisions.

Even so, shares in the company fell 65 cents after it said that results in the current quarter would be pressured by calendar changes. An additional week helped to increase Q3 sales, whereas there will be one fewer week in the fourth-quarter compared to last year.

It expects Q4 profit in the range of USD 1.70 to 1.80 a share, below analyst expectations of USD 1.82 a share.