Best Buy Net Jumps 337 Percent in Third Quarter
December 15, 2009,
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.