Best Buy Net Jumps 37 Percent in Fourth Quarter
March 25, 2010,
MINNEAPOLIS-Net income for Best Buy totaled $779 million in the fourth quarter, a whopping 37 percent ahead of the fourth quarter in its last fiscal year.
According to a company statement, the consumer-electronics chain accomplished this partly on a net sales increase of 12.4 percent, to $16.6 billion--a pickup that included a 7 percent rise in Best Buy's same-store sales in the quarter. This helped offset a 7.8 percent increase in selling, general and administrative expenses, along with a 60 basis-point reduction in gross margin.
For fiscal 2011, Best Buy said it expects revenue of from $52 billion to $53 billion, which would be an increase of from 5 to 7 percent. Same-store sales are expected to increase by from 1 to 3 percent, the company said.
Other Articles By Author
Von Tobel Cites Brass Textures Among Top Trends
HFN's DIGITAL EDITION
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.
ALSO IN THIS ISSUE:
- 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.