Best Buy Expects to Hit Fourth-Quarter Earnings Targets8 Nov, 2001 By: Joan Villa
Electronics retailer Best Buy expects to hit fourth quarter earnings targets of $1.10 to $1.32 per share, compared to $.89 in the year-ago quarter, despite “softer” October sales than the company expected, says Best Buy chairman, president and c.o.o. Brad Anderson.
Driving the rebound will be video game hardware launches and strong sales from the company's Canadian acquisition, Future Shop Ltd.
Andersen characterizes Best Buy's mood as “cautiously optimistic,” buoyed by the upcoming December sales season, which “has by far the largest percentage of earnings in the quarter,” Andersen adds.
To further boost consumer spending, BestBuy.com has launched a holiday contest through Dec. 29 that will award a $10,000 grand prize shopping spree. Customers who create personalized gift lists on BestBuy.com are automatically entered.