money-losing Musicland business dragged down fourth-quarter profits, and the retailer said the war will result in same-store sales contraction in the current period.
Best Buy's bottom line showed earnings of $311 million, or 96 cents a share, compared with an adjusted $375 million, or $1.08 a share, last year. Excluding discontinued operations, the company earned $378 million, or $1.16 a share -- 3 cents better than expected.
Revenue was $7.0 billion in the latest quarter, up from $6.3 billion a year ago.
For the current quarter, same-store sales are expected to drop by a percentage in the low single digits as a result of geopolitical concerns, an uncertain consumer environment and a tough comparison. Earnings will be 14 cents to 20 cents a share, compared to adjusted earnings per share from continuing operations of 24 cents a share last year.
The outlook led traders to sell the shares. The stock was off 3% to $26.20.
For all of the current year, earnings from continuing operations are expected to rise by 15%, with same-store sales gains in the low single digits. Revenue from continuing operations should be $23.5 billion.