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Thursday, March 26, 2009

Best Buy 4Q:2009 result

Quarter better on EPS due to panic cost controls at beginning of quarter which finished better than it began.  Revs look pretty much in-line.

Segment information is useful:

Home office had +8.1% comp.  Notebooks grew low double digits, mobile phones and accessories up triple digits – iPhone likely drove this segment.

Consumer electronics declined 8.6% – flat panel displays grew mid single digits but were dwarfed by double digit declines in digital cameras, MP3 players and GPS devices.

Entertainment software declined 11%.  DVDs and CDs dropped low double digits and video games dropped low single digits.

Appliances, the smallest segment, dropped a hefty 20.5%.

Stronger notebooks and mobile phone gains are the big standouts.

Guidance of 2.50 to 2.90 for FY2010 is better than the street's 2.45. Revenue guidance is slightly below the street at the mean.

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