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.