Best Buy Profit Drops 7 Percent
While Best Buy posted a 7 percent drop in profit for the first quarter, the performance nonetheless beat Wall Street expectations, the AP reported.
The Minnesota-based CE retail giant posted a profit of $179 million in the quarter that most recently ended, a drop from a $192 million profit the same period in 2007. Revenue, however, jumped 13 percent, to just under $9 billion worldwide.
The company attributed its profit to “solid revenue growth through new store openings and a comparable store sales increase of 3.7 percent.” The company also said it added a net total of 106 U.S. stores in the last year, while its market share rose by 1.5 percent.