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Best Buy Reports Fiscal First Quarter Results
Jun 21, 2011
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Growth in appliance sales helped retail chain Best Buy achieve net earnings of $136 million, or $0.35 per diluted share, for its fiscal first quarter ended May 28, 2011, compared with $155 million, or $0.36 per diluted share, for the prior-year period.

Internationally, appliances made up 10% of Best Buy revenues in the quarter, up from 9% in the same quarter in 2010. Consumer electronics accounted for 18% of revenues, down from 19%.

Total company revenue was $10.9 billion during the quarter - a revenue increase of 1.4%, which included a comparable store sales decline of 1.7% versus the prior-year period.

In its domestic U.S. stores Best Buy saw sales growth in appliances as well as mobile phones, mobile computing (including tablets), e-readers, and services. Online sales also helped drive growth, with a 12% revenue increase in the domestic segment during the quarter. These sales gains were offset by declines in TV, digital imaging, and physical media.

In its International segment, growth was led by continued strong performance from the Five Star business in China, which delivered comparable store sales gains during the period, while Europe and Canada each had modest comparable store sales declines.

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