Best Buy & Circuit City Report December Sales
Best Buy, Circuit City December sales riseFri Jan 5, 2007 9:22 AM ET, By Nicole Maestri, Reuters
Best Buy Co. Inc.
and Circuit City Stores Inc. said on Friday December sales rose, boosted by strong demand for flat-panel televisions and laptop computers during the holiday shopping season.
The two biggest U.S. consumer electronics retail chains also raised expectations for their fiscal years.
"It was clearly a good result in that the consumer electronics category and the TV categories were really the stars of what was otherwise not a fantastic Christmas season," said Sanford C. Bernstein analyst Colin McGranahan.
Best Buy said its December sales at stores open at least 14 months rose 7 percent, while Circuit City said its December sales at stores open at least a year rose 4.2 percent.
Best Buy now expects earnings of $2.70 to $2.80 per share for its fiscal year ending in February, compared with a previous view of $2.65 to $2.80. Circuit City said it now sees its fiscal year earnings at the "top end" of its previous forecast.
McGranahan said the updated earnings forecasts reflect December's strong revenue and "stabilization in the gross margin environment."..read more: here1/05/2007 09:25:00 AM
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