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Best Buy Reports Q2 Results
Sep 3, 2004
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Best Buy Co., Inc. reported that revenue rose 13 percent to U.S. $6.1 billion for the fiscal second quarter ended Aug. 28, 2004, compared with $5.4 billion for the second quarter of the prior fiscal year.

The company says the opening of 75 new stores in the past 12 months and a comparable store sales gain of 4.3 percent drove the increase. Increased sales of major appliances, digital televisions, notebook computers, digital cameras, and portable devices led the comparable store sales gain.

U.S. Best Buy stores reported revenue from second-quarter comparable store sales was $5.5 billion, an increase of 4.4 percent from the same period in 2003.

"In the second quarter, consumers responded enthusiastically to our new displays and deeper assortments of digital televisions, computers, and digital imaging products," said Brad Anderson, vice chairman and CEO of Best Buy.

The strongest-performing product category was consumer electronics. The company said revenue from digital televisions increased by the high double digits, benefiting from expanded assortments and increased consumer interest. Revenue from digital cameras also continued to be very strong.

The home office product category with a store sales gain of 39 percent, led by revenue increases from notebook computers, MP3 players, cellular phones, networking and services, according to the company.

Comparable store sales for the appliance category were nearly flat at 7 percent. The company said an unusually cool summer reduced the revenue from air-conditioners for the second quarter, which is seasonally an important period for appliances. However, the company enjoyed a high-single-digit comparable store sales gain in major appliances.

The company opened nine U.S. Best Buy stores during its fiscal second quarter, including four of its 45,000-sq-ft stores, one of its 30,000-sq-ft stores, and four of its 20,000-sq-ft stores. It also opened three Best Buy stores in Canada.

For the first half of the fiscal year, the company reported a comparable store sales gain of 6.2 percent, including a gain of 6.3 percent for the domestic segment and a gain of 5 percent for the international segment.

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