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Feb 27, 2014
Feb 27, 2014
Feb 27, 2014

Cost cuts boost Best Buy quarterly profit, shares surge

By Dhanya Skariachan

(Reuters) – Best Buy Co Inc (BBY.N: Quote, Profile, Research, Stock Buzz) reported a better-than-expected quarterly profit Thursday on lower expenses and said it was running ahead of plan in terms of cutting costs, sending its shares up 6 percent in premarket trading.

The profit in the fourth quarter, during one of the most heavily promoted and discounted holiday-shopping seasons since the recession, boosted Best Buy’s shares by 6 percent to $27.35 in trading before the bell on the New York Stock Exchange.

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