Best Buy Profit Up 60 Percent
Best Buy Tuesday said that it posted a profit of $254 million in the second quarter, a 60 percent jump over the same time last year. The results, which according to the AP easily beat analyst expectations, were driven by strength in the mobile, appliance and tablet categories.
TVs, software and entertainment hardware were called weak spots for the company during the quarter.
"We're still in the early stages of our Connected World strategy, but this quarter's results give me continued confidence that we're making progress in driving value through growth in connections for our customers, vendors and shareholders," CEO Brian Dunn said as part of the announcement.