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Best Buy Earnings Jump 40 Percent

18 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.

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