Best Buy Profit Jumps to $519 Million
Best Buy Tuesday reported a quarterly profit of $519 million, compared with $293 million the same time the year before. Best Buy also announced a capital return to shareholders, of $180 million in a one-time dividend, an increase to quarterly dividends and resumption of share repurchases.
In the quarter, revenues rose to $14.21 billion.
"A compelling merchandise assortment and strong multi-channel execution drove these better-than-expected results as we capitalized on the product cycles in large screen televisions and mobile phones. These two categories were the primary drivers of our year-over-year revenue growth, and more than offset weakness in the tablet category which was impacted by material industry declines," CEO Hubert Joly said in the earnings release.