Sales at Best Buy have struggled to grow recently in part because people have been buying fewer consumer electronics.
-Revenue: $13.48 billion versus $13.62 billion expected by Thomson Reuters.
For the coming year, Best Buy forecast flat revenue and operating income on a 52-week basis based on the assumption the company will continue to gain market share while the overall electronics industry will remain negative, as it has been the last two years.
For the quarter ended January 28, Best Buy earned $607 million, or $1.91 a share, up from $479 million, or $1.40 a share, a year ago.
For the year, the company reported profit of $1.23 billion, or $3.81 per share.
Best Buy Co. posted a surprise decline in revenue in the final quarter of the year as it struggled to make certain products available to customers.
In the current quarter, Best Buy expects adjusted earnings in the range of 35 cents to 40 cents per share, which is well below the Wall Street consensus estimate of 49 cents.
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In Best Buy's much smaller global segment, revenue increased 2.5%, driven by growth in Mexico.
Best Buy shares have risen slightly more than 3 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 6 percent.
Still, the company did hand out sweets to investors: it raised its quarterly dividend 21% to 34 cents a share and announced an accelerated share repurchase plan that goes from $1 billion over two years to $3 billion over two years.
This was driven by a 0.9% sales decline at existing domestic stores.
Domestic online comparable sales increased 17.5%, due to increased traffic and higher conversion rates. According to The NPD Group, consumer electronics revenue decreased 2.8 percent in the quarter ended January 28. As a percentage of total online revenue increased 300 basis points to 18.6% versus 15.6% past year.
In the first quarter, it is forecasting a 1.5 to 2.5 percent drop in comparable sales in the U.S.as the retailer expects to see softness in the mobile phone category and in other categories.