Earnings roundup: Best Buy’s strategy includes earlier Thanksgiving hours

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Posted: Wednesday, November 20, 2013 12:00 am

NEW YORK — Best Buy says it is committed to “winning” the holiday season with price matching, doorbusters and deals as well as its earliest ever opening hours on Thanksgiving — even if that means profit pressure for the electronics retailer in the fourth quarter.

Best Buy CEO Hubert Joly has been cutting costs and matching online prices to get customers into stores.

On Tuesday the Minneapolis company reported it returned to a profit in the third quarter. But it says it expects a competitive environment during the last two months of the year, which can account for up to 40 percent of a retailer’s annual revenue.

Best Buy will open at 6 p.m. on Thanksgiving Day this year.

The company said net income for the three months ended Nov. 2 totaled $54 million, or 16 cents per share, for the three months ended Nov. 2. That contrasts with a loss of $10million, or 3 cents per share, a year ago. — AP

ATLANTA — Home Depot’s fiscal third-quarter profit climbed as sales at its U.S. stores strengthened amid the improved housing market.

The results for the nation’s biggest home improvement company beat analysts’ estimates and the chain also lifted its full-year forecast again on Tuesday. Its shares briefly touched an all-time high.

For the three months ended Nov. 3, Home Depot reported net income of $1.35 billion, or 95 cents per share, up from $947million, or 63 cents per share, a year ago. The prior-year period was weighed down by a one-time charge of 11 cents per share tied to store closings in China. — AP

CAMDEN, N.J. — Campbell Soup’s first-quarter net income tumbled 30 percent on declining U.S. soup sales and rising costs.

The Camden, N.J., company fell well short of Wall Street expectations, and it cut its forecast for the year.

CEO Denise Morrison pointed to the timing of the Thanksgiving holiday, later this year than last, which is pushing shipments into the second quarter.

Campbell Soup Co. earned $172 million, or 54 cents per share, for the quarter ended Oct. 27. That’s down from $245million, or 78 cents per share, a year earlier. — AP

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