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Best Buy fiscal Q4 profit climbs 26.3% YOY

Best Buy Co. Inc. said its normalized net income for the fiscal fourth quarter ended Jan. 31 was $1.46 per share, compared with the S&P Capital IQ consensus estimate of $1.35 per share.

EPS rose 25.0% year over year from $1.17.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $519.8 million, an increase of 26.3% from $411.6 million in the fourth quarter ended Feb. 1, 2014.

The normalized profit margin rose to 3.6% from 3.2% in the year-earlier period.

Total revenue rose year over year to $13.03 billion from $12.67 billion, and total operating expenses increased on an annual basis to $12.19 billion from $12.00 billion.

Reported net income rose 68.2% on an annual basis to $536.2 million, or $1.51 per share, from $318.8 million, or 90 cents per share.

For the year, the company's normalized net income totaled $2.51 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $2.45.

EPS rose 6.6% from $2.36 in the prior year.

Normalized net income was $888.1 million, a rise of 8.4% from $819.4 million in the prior year.

Full-year total revenue amounted to $40.34 billion, compared with $40.61 billion in the prior year, and total operating expenses came to $38.85 billion, compared with $39.22 billion in the prior-year period.

The company said reported net income increased 79.5% on an annual basis to $1.25 billion, or $3.53 per share, in the full year, from $695.2 million, or $2.00 per share.