Best Buy Records $250 Million Profit
In a time when electronics retailers are struggling like never before, Best Buy has once again managed to buck the trend. The company posted an 8.7 percent profit in the second quarter, totally $250 million, thanks to strong international sales and tighter spending, as well as strong back-to-school results,Bloomberg News reported.
Revenue, meanwhile, jumped 15 percent, to $8.75 billion, well over analyst expectations.
Best Buy has already claimed a great deal of market share from rival Circuit City, which has been closing stores as Best Buy has opened them. Best Buy has also outperformed Circuit City in customer satisfaction surveys.