Consumer electronics retailer Best Buy Co. Inc. reported Thursday that revenues in its fourth fiscal quarter jumped 21 percent, driven by a nearly 10 percent increase in sales at stores open a year ago.
Sales at rival Circuit City Stores Inc. rose 2 percent, beating analysts' expectations but still falling far short of Best Buy's results.
Best Buy said revenues rose to $8.44-billion in its fourth quarter ended Feb. 28 from $6.99-billion in the same period a year earlier.
But sales at stores open a year ago - considered a good gauge of retail health - increased 9.7 percent for the quarter, higher than its previous guidance of a 6 percent to 8 percent gain. Best Buy had previously reported an increase in comparable store sales for December of 9.3 percent.
Best Buy now expects fourth quarter earnings from continuing operations to be at the high end of its guidance of $1.34 to $1.39 per share.
Circuit City, based in Richmond, Va., reported that sales rose to $3.25-billion in the quarter ended Feb. 29 from $3.19-billion in the year-ago period. Sales at stores open at least a year increased 1 percent.
For fiscal 2004, revenue declined 2 percent to $9.75-billion from $9.95-billion in the prior year, and same-store sales fell 3 percent.
Shares of Best Buy were down $1.74 to close at $52.57 on the New York Stock Exchange. Circuit City's shares were down 25 cents to close at $11.65.
