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
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money