Summary Box: Best Buy 4Q net income falls

AP News
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Posted: Mar 24, 2011 2:28 PM
Summary Box: Best Buy 4Q net income falls

THE NEWS: Best Buy's net income fell 16 percent in the fourth-quarter as weak demand for pricey TVs and notebook computers sent revenue down 2 percent to $16.26 billion.

THE CONTEXT: Best Buy, the largest U.S. electronics chain, is contending with a changing electronics market as more people buy online or in discount stores. The retailer is responding by opening smaller stores and expanding more profitable, fast-growing categories such as tablet computers and smartphones.

WHAT'S NEXT: In fiscal 2012, the company expects net income of $3.30 to $3.55 per share as revenue remains constrained. Analysts expect $3.56 per share.