Best Buy's Earnings Top Estimates

Best Buy (BBY Quote) had better-than-expected earnings for the fourth quarter, and the electronics retailer said its profits and revenue for fiscal 2009 should at least meet estimates.

Shares of Best Buy were gaining 6.4% to $46.25 in premarket trading Wednesday.

The company earned $737 million, or $1.71 a share, for the fiscal fourth quarter ended March 1, compared with $763 million and $1.55 a share in the year-earlier period. Revenue was up 4% to $13.42 billion.

Analysts were expecting $1.65 in the latest quarter, according to Thomson Financial.

For the fiscal year that will end in February 2009, Best Buy is expecting to earn $3.25 to $3.40 a share with revenue of $43 billion to $44 billion. On average, analysts are looking for a profit of $3.31 and a top line of $43 billion.

In fiscal 2008, Best Buy earned $3.12 a share on revenue of $40 billion.