RICHFIELD, Minn. — Best Buy Co. today reported fiscal fourth-quarter net income of $816 million.
The 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 past 12 months.