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Best Buy Raises Fourth-Quarter Guidance


Electronics retailers' hot streak was extended Wednesday when

Best Buy

(BBY) - Get Report

said fourth-quarter earnings would top estimates.

The company said it expects to earn $1.35 to $1.40 a share in the quarter on strong sales of digital entertainment products. Analysts had been forecasting earnings of $1.27 a share.

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The upside surprise follows a similar strong performance announced Monday by

Circuit City

(CC) - Get Report


Best Buy said December sales were $3.86 billion, up 43% from a year ago on a 6.2% increase in same-store sales. For the coming fiscal year, the company expects earnings to rise 18% to 21% and sales to rise 17% to 20%.