Best Buy Profit Falls on Musicland Loss
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From Bloomberg News
Best Buy Co. said its fiscal fourth-quarter profit fell 11% because of a loss at its mall-based stores.
Net income dropped to $311 million, or 96 cents a share, from $350 million, or $1.08, a year earlier, the company said. Sales rose 11% to $6.99 billion after opening more stores.
Earnings were hurt by a $67-million loss at the company’s Musicland group, which it is trying to sell.
Shares of Eden Prairie, Minn.-based Best Buy rose 38 cents to $27.35 on the NYSE.
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