Profit drops 77% but revenue rises 16% to $11.5 billion. Same-store sales were off 6.3% in the U.S. but rose 0.3% overseas.
The economic slowdown has taken a toll on Best Buy, even after its primary competitor, Circuits City filed for bankruptcy. The company expects sales to decline 5-15% during the fourth quarter of 2009 and 8% for the entire fiscal year 2009.
Best Buy reported a 19% decline in net income for the second quarter of fiscal 2009. However, most of this decline was caused by increased investment in the Best Buy Mobile concept and Best Buy's forthcoming international expansion plans. Quarterly revenue increased 12% as same store sales grew 4%.
Best Buy announced that the retailer would begin carrying Apple's 3G iPhone starting in September at Best Buy and Best Buy Mobile stores.
Best Buy announced that sales for the first quarter of FY09 rose 13% while same store sales grew 3.7%. However, gross margin fell from 23.9% to 23.7% and net income fell 7%. Net earnings per share were $0.43, better than analyst expectations for $0.37 per share, however company shares fell on economic concerns related to retail in general.
Best Buy reported a 17% increase in sales during the third fiscal quarter of 2008 compared with the same quarter of FY07. The retailer experienced 6.7% same store sales growth and a 79% increase in quarterly operating income compared with the third quarter of FY07. Concurrently, one of Best Buy's primary competitors Circuit City continued to experience falling sales and net losses on its operations.
Best Buy announced that it experienced growth in revenue as well as operating and net income during its second quarter of fiscal 2007 ending September 1, 2007. Revenue increased approximately 15% to nearly $8.8 billion from the first quarter, while operating income increased 20% and operating margin grew 3 basis points to 4.6% for the quarter.
Best Buy announced Q2 results, which exceeded analysts’ expectations. The net earnings of the quarter were $250 million (44 cents per share), compared to $230 million (55 cents per share) last year, while analysts expected a profit of 44 cents per share. The increase in the earnings was mainly driven by strong international results and demand for notebook computers, flat panel televisions and video games. The company revised its full-year earnings expectation to $3-3.15 per share, from its previous outlook of $2.95-3.15.
Best Buy announces a 18% increase in net income during 4Q06, while Circuit City Stores (CC) announces a loss of $12.2 million for net income in the same quarter.
Best Buy announces recall of almost 10,000 remote controls that were sold with Insignia DVD players.
Best Buy announces that it will begin paying a quarterly cash dividend of $.10 per share.