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Best Buy returns to profit in 4th quarter

By The Associated Press

This article was published February 27, 2014 at 11:09 a.m.

MINNEAPOLIS — Best Buy returned to a profit in the fourth quarter and topped Wall Street expectations as it cut costs to offset declining sales.

The electronics and appliances retailer says it gained market share during the quarter and shares jumped 6 percent in premarket trading Thursday.

Net income after paying preferred dividends totaled $293 million, or 83 cents per share. That compares with a loss of $409 million, or $1.21 per share last year. Revenue fell 3 percent to $14.47 billion from $14.92 billion. Analysts expected revenue of $14.67 billion.

Read tomorrow's Arkansas Democrat-Gazette for full details.

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