Best Buy's 2Q Revenue Increases 12% Sep 17, 2009

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Best Buy Co., Inc. reported net earnings of US$158 million for its fiscal 2Q ended Aug. 29, 2009. Net earnings declined by 22% compared with $202 million for the prior-year period.

During 2Q fiscal 2010, Best Buy’s revenue increased 12% to $11.0 billion, compared with revenue of $9.8 billion for 2Q fiscal 2009. The company noted that enterprise comparable store sales trends improved sequentially each month during the quarter. The domestic segment’s fiscal second quarter revenue totaled $8.3 billion, an increase of nearly 2% versus the prior year period. The company said that comparable store sales gains in notebook computers, mobile phones, and flat-panel TVs were more than offset by decreases in gaming, digital cameras, music, and movies.

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