Best Buy Co., Inc. reported net earnings of U.S. $234 million, or $0.47 per diluted share, for its fiscal first quarter ended on May 27, 2006. The consumer electronics retailer's earnings increased 38 percent from $170 million, or $0.34 per diluted share, for the prior-year first quarter.
Total revenue for the quarter increased 14 percent to $7.0 billion, fueled by new store openings and a comparable store sales gain of 4.9 percent. The company's domestic and international segments reported comparable store sales gains of 4.6 percent and 7.1 percent, respectively.
For the fiscal 2007 first quarter, Best Buy's revenue increased 14 percent to $7.0 billion, compared with revenue of $6.1 billion for the first quarter of fiscal 2006. The revenue increase reflected the net addition of 117 new stores in the past 12 months and a comparable store sales gain of 4.9 percent. Best Buy also noted that total first-quarter online revenue grew more than 30 percent as compared to the same quarter of the prior year.
The gross profit rate for the first quarter was 25.4 percent of revenue, a slight decrease from a gross profit rate of 25.5 percent of revenue for the prior-year first quarter.
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