Best Buy Profit Slides 16 Percent But Beats Expectations
Best Buy Thursday reported a fiscal fourth quarter profit that dropped 16 percent from the same quarter last year but nevertheless outperformed analyst forecasts.
The CE retail giant posted a fourth quarter net income of $651 million, down from $779 million the year before, for the quarter that ended Feb. 26. Same-store sales dropped 4 percent.
While sales of TVs and other home entertainment products were weak, mobile phone sales, for instance, increased double digits in same-store locations over last year, the company said.
“Overall demand for key consumer electronics products was a challenge for the industry last year,” Best Buy CEO Brian Dunn said in a statement. “Thanks to the hard work and dedication of our employees, we accomplished several key initiatives during the year that helped to both partially mitigate these challenges and build critical capabilities for profitable growth such as continued growth in connections, actions taken to enhance our multi-channel efforts including online and improve returns in our international business.”