MINNEAPOLIS-Retail outlet Best Buy Co. Inc. reported net earnings for the fourth quarter of $311 million, or $0.96 per diluted share. The company said sales of wireless devices, as well as notebook computers, digital TVs, DVD movies and digital camcorders, outperformed other product categories during its fiscal year.
“The fourth quarter was difficult for many retailers, including Best Buy,” said Brad Anderson, the company’s chief executive officer. “Yet I am pleased that while we saw a competitive environment that was much more vigorous than in the prior year, we navigated it successfully to gain market share without sacrificing profitability. We also increased income from continuing operations at a 13-percent rate compared with fiscal 2002 on an as-adjusted basis.”
The company’s stock was up slightly to $28.75 per share.
