Quarterly Sales Up for Best Buy, Down for Circuit City4 Mar, 2004 By: Erik Gruenwedel
Citing double-digit increases in same-store sales of DVDs and CDs, as well as the exclusive release of the Rolling Stones' four-disc DVD boxed set Four Flicks, Best Buy posted a 21 percent increase in revenue, to $8.44 billion, for the fourth quarter ended Feb. 28, compared with $6.99 billion during the same period last year.
For fiscal year 2004, revenue increased 17 percent, to $24.54 billion, compared with $20.95 billion last year.
In related news, despite a 3 percent decrease in same-store sales, Circuit City fourth-quarter revenue increased 2 percent, to $3.25 billion, for the period ended Feb. 29, compared with $3.19 billion during the same period last year. Fiscal-year 2004 sales dropped 2 percent, to $9.75 billion, from $9.95 billion in fiscal-year 2003.