Best Buy Net Jumps 337 Percent in Third Quarter
MINNEAPOLIS-Third-quarter net income for Best Buy skyrocketed 337 percent over last year, totaling $227 million.
A boost in sales plus "disciplined cost controls," as described in a statement from the consumer-electronics retailer, helped produce the strong results. Sales increased 4.6 percent to $12 billion, including a 1.7 percent gain in sales at comparable stores. Also, selling, general and administrative expenses were slimmed by 0.8 percent, and interest expense was cut back by 34 percent.
Brian Dunn, the chain's chief executive officer, said Best Buy's strong third quarter has put the company in position to deliver a positive year in a difficult retail environment. The company now expects revenue for the full 2010 fiscal year, which will end on Feb. 27, to total between $49 billion and $49.5 billion, with same-store sales flat to up 1 percent.