Thursday, February 28, 2019

Thursday business briefs, 2-28-19 - News - Asheboro Courier Tribune

Best Buy rings in a strong holiday, shares soar

Best Buy Co. Inc. topped Wall Street forecasts for sales and profits in the fourth-quarter holiday period, sending shares up 11 percent in early trading.

The Richfield, Minn.-based company reported that comparable sales rose 3 percent, blowing past the 2 percent estimate most had expected.

Net income was $735 million, or $2.69 a share, in the quarter that ended Feb. 2, an increase from $364 million, or $1.23 a share from the same period a year ago.

When adjusting for one-time costs, the company reported that earnings per share jumped 12 percent to $2.72. Analysts had expected the company to report earnings of $2.56.

Total revenue fell 3.7 percent to $14.80 billion, but still beat expectations of $14.70 billion.

The company stressed that the current fiscal year is a week shorter than last year, a swing of approximately $760 million in revenue and approximately 20 cents in adjusted earnings in the fourth quarter.

Online sales continue to be a strong spot for the company, growing 9 percent in the quarter.

For the year, same-store sales grew 4.8 percent, with a jump of more than 10 percent in online sales growth.

Workshop on hemp is March 5 in Lumberton

LUMBERTON — People interested in learning about industrial hemp production are invited to a meeting scheduled for March 5.

The meeting sponsored by the N.C. Cooperative Extension Service centers in Robeson, Richmond and Scotland counties will take place from 3-5 p.m. at the Scotland County Center, 231 E. Cronly St., Laurinburg.

Discussion topics will include the basics of industrial hemp production, current regulation, and processing. Speakers will include representatives from the N.C. Department of Agriculture and Consumer Services, an N.C. State University hemp specialist and a commercial processor. The meeting also will include a grower panel discussion.

Preregistration is required by March 1. Space is limited to the first 90 registrants.

For more information or to register, contact Mac Malloy, Extension field crops Agent, at 910-671-3276.

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