Best Buy forecasts annual sales below estimates

Core Insights - Best Buy exceeded Wall Street's profit expectations for the fourth quarter, reporting an adjusted profit of $2.61 per share, surpassing analysts' estimates of $2.47 per share [2] - The company's shares rose approximately 15% in premarket trading following the earnings report, despite a nearly 8% decline in stock value year-to-date [1] Financial Performance - The fourth-quarter profit was supported by cost-cutting measures amid muted demand for gaming devices and mobile phones during the holiday shopping season [1] - Best Buy's forecast for annual sales is below Wall Street estimates, with expectations for full-year comparable sales to decline by 1% to increase by 1%, contrasting with analysts' predictions of a 1.63% rise [2]