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Best Buy Profits Double in Second Quarter
Sep 18, 2003
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Best Buy Co. Inc., the U.S. biggest consumer electronics chain, said its profit more than doubled in the second quarter, helped by back-to-school sales of notebook computers and cost-cutting.

The retailer earned U.S. $139 million, or $0.42 a share, in the 3 months ended Aug. 30, up from $62 million, or $0.19 a share, a year earlier. Revenues rose nearly 17 percent to $5.40 billion from $4.62 billion a year earlier.

Sales at stores open at least 14 months, Best Buy's measure of comparable store sales, rose 7.5 percent in the quarter. Comparable-store sales are considered a good guide to retail health.

Brad Anderson, vice chairman and chief executive, said September sales continue to be strong, with double-digit growth in comparable store sales. "While it is unlikely that the recent level of comparable store sales growth is sustainable for the duration of the year, we hope to extend our market-share gains in the second half by continuing to deliver industry-leading comparable store sales gains," he said.

Best Buy said it expects same-store sales gains of 6 percent to 8 percent in the third and fourth quarters as the benefits of tax rebates and strong back-to-school sales subside.

For the first 6 months of fiscal 2004, Best Buy earned $114 million, or $0.35 a share, compared with a loss of $271 million, or $0.83 a share, a year earlier. Revenues rose to $10.06 billion, from $8.83 billion. (AP)

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