Best Buy Comeback Continues: $266 Million Profit in Second Quarter
Best Buy Tuesday reported a second quarter profit of $266 million, up from $12 million the same time last year, as the company continued its dramatic turnaround under CEO Hubert Joly.
Joly recently marked one year as the company's chief. In that time he has cut costs, reached space-sharing deals with the likes of Samsung and Microsoft, and instituted various price-matching policies.
“In November at our investor meeting, we talked about the two problems we had to solve: declining comparable store sales and declining operating margins," Joly said as part of the announcement.