Best Buy Net Climbs in Q2
August 25, 2015,
MINNEAPOLIS-A positive performance from its U.S. segment helped fuel profit growth for Best Buy in its fiscal second quarter, which ended on Aug. 1.
Net income in the quarter totaled $164 million, up 12.3 percent from the second quarter of last year. U.S. segment revenue was ahead by 3.9 percent over last year, reaching $7.9 billion and including a pickup of 3.8 percent in same-store sales. Overall revenue edged up 0.8 percent to $8.5 billion.
Major appliances was one of the categories that helped drive the U.S. business, along with large-screen televisions and mobile phones, according to Hubert Joly, Best Buy’s chairman and CEO. Overall online comparable sales were up 17 percent.
“As we look forward, while we are cognizant of the recent financial market turbulence, we believe the combination of an opportunity-rich environment and the strength of our competitive advantages leads us to have a positive outlook about our future prospects, starting with the important back-to-school third quarter,” Joly said.
Last year, according to HFN market research, Best Buy posted home furnishings sales of $343 million, down 86.3 percent from 2013.