Best Buy Sales Up, Profits Down
Jun 18, 2008
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Best Buy reported mixed results for its first fiscal quarter, ended May 31. Net revenue was up 13.4% worldwide to nearly US$9 billion; same-store sales rose 3.7%, and operating income increased 4.1% to $277 million. Net earnings declined 6.8% to $179 million for the four-month period. Best Buy attributed the decline to stronger-than-expected revenue from low-margin categories like notebook computers and video game consoles.

Appliances comprised 6% of the revenue mix and experienced a comp decline of 10.6%, driven by a "low" double-digit decline in major appliances amid a weak industry-wide environment, the company said.

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