Best Buy Earnings Jump 40 Percent18 Dec, 2001 By: Enrique Rivero
Despite a challenging economy, earnings for electronics retailer Best Buy leapt 40 percent to $80 million for the third quarter ended Dec. 1, the company reports.
Third quarter sales increased 27 percent to $4.8 billion, reflecting the addition of 65 new stores and results from the Musicland Group stores and a month of sales from the Future Shop stores in Canada.
Same-store sales increased 1.6 percent.
Net earnings for the nine months ended Dec. 1 rose 6.8 percent to $220 million, sales increased 28 percent to $12.6 billion, and same-store sales increased 0.6 percent.