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Best Buy profit beats consensus by 25.6% in fiscal Q3

Best Buy Co. Inc. said its normalized net income for the fiscal third quarter ended Nov. 1 amounted to 32 cents per share, compared with the S&P Capital IQ consensus estimate of 25 cents per share.

EPS increased 71.6% year over year from 19 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $112.5 million, an increase of 74.1% from $64.6 million in the prior-year period.

The normalized profit margin rose to 1.3% from 0.7% in the year-earlier period.

Total revenue totaled $9.38 billion, compared with $9.33 billion in the prior-year period, and total operating expenses totaled $9.19 billion, compared with $9.21 billion in the year-earlier period.

Reported net income rose year over year to $106.2 million, or 30 cents per share, from $41.9 million, or 12 cents per share.