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.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.


  • Von Tobel Cites Brass Textures Among Top Trends

    Camera Icon   More Videos

Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN cover for September 2017


    September 2017


    2017 State of the Industry Report
    Cautious Optimism, Mixed Results

    Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.


    •  TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
    •   Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
    •  N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.