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.

Videos

  • Patti Carpenter Talks Color and its Importance in the Home

    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 August 2017 cover

    HFN's DIGITAL EDITION

    August 2017


    COVER STORY: Sharpening the Focus on Millennials

    Find out what makes Millennials tick when it comes to home decorating, shopping and at-home entertaining with HFN's annual consumer study. Turns out, Millennials favor the in-store shopping experience.


    ALSO IN THIS ISSUE:

    • Power of the People - Crowdfunding campaigns provide needed capital, feedback for home and housewares product launches.
    •  Omnichannel Retailing: Visual Search Takes Off - Learn how voice and visual search are revolutionizing product discovery.