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Best Buy Q4 profit rise 18 per cent

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Largest U.S. consumer-electronics retailer, Best Buy Co., said its fourth-quarter profit rose on redemption of gift cards. Net income for Best Buy rose by 18 per cent to $763 million. The company had a pretax charge of $144.6 million partly from trimming 3,400 employees.

The company dropped the prices of flat-panel television sets, which boosted its profits. Its sales jumped 21 per cent, the most in three years.

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