Profit Rises at Best Buy, Circuit City
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Best Buy Co., the largest U.S. electronics retailer, boosted fiscal fourth-quarter profit 51% on higher holiday sales of televisions and digital cameras. No. 2 Circuit City Stores Inc. increased profit 26%.
Net income at Best Buy climbed to $469 million, or $1.42 a share, in the quarter ended Feb. 28, the Richfield, Minn.-based company said. Circuit City’s net income rose to $89.6 million, or 43 cents.
Sales gains of 9.7% at Best Buy stores open at least 14 months came at the expense of Circuit City, whose comparable-store sales rose 1%. Circuit City had its first sales gain in five quarters as Chief Executive Alan McCollough closed some stores and upgraded others.
Shares of Richmond, Va.-based Circuit City rose 60 cents, or 5.6%, to $11.30. Shares of Best Buy rose $3.32, or 6.9%, to $51.72. Both trade on the New York Stock Exchange.
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