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Best Buy Gets Q4 Power Surge

2 Apr, 2002 By: Hive News

Best Buy Co. Inc.'s fourth quarter earnings surged 84 percent over the previous years' to a record $350 million, the company reported today.

Total sales jumped 28 percent to nearly $7 billion for the period ended March 2, the company reported.

The sales included the 62 new stores the company opened in the prior 12 months, as well as results from about 1,320 Musicland stores and 95 Future Shop stores.

Comparable store sales rose 4.5 percent.

For the year, the Eden Prairie, Minn.-based electronics retailer's net earnings jumped 44 percent to $570 million, sales increased 28 percent to $19.6 billion, and comparable store sales rose 1.9 percent, the company said.

The company also announced that was renaming its On Cue stores, rechristening them Sam Goody.

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