Category: Companies / February 27, 2014 3:08 PM EST
Best Buy Co., Inc. (NYSE: BBY) on Thursday reported a stronger-than-expected quarterly profit, sending shares up nearly 6 percent in pre-market trading. The retailer issued fourth quarter earnings of $310 million, or 88 cents a share, compared to a net loss of $461 million, or $1.36 a share, a year earlier. Wall Street had expected Best Buy to post a profit of $1.01 a share, according to analysts polled by Reuters.
Meanwhile, sales missed analysts' average estimate of $14.66 billion and instead fell 3 percent to $14.47 billion.
On Thursday, shares of Best Buy edged down 0.90 percent to $25.59 in afternoon trading.
Alan Valdes, vice president of trading at DME Securities, weighs in on Best Buy Co., Inc. (NYSE: BBY) and J.C. Penney Company, Inc. (NYSE: JCP) fourth quarter earnings and how Amazon.com, Inc.'s (NASDAQ: AMZN) 'showrooming' phenomenon will impact brick-and-mortar businesses.