Best Buy Posts Huge Quarter
The CE retail giant Best Buy on Tuesday announced a huge quarter, as net income jumped 52 percent on the strength of strong sales, especially of flat-panel TVs, and over the holidays. Cost containment was also a factor in the huge quarter, the AP reported.
The strong quarter largely exceeded expectations, thanks to strong sales of higher-ticket items, including GPS systems, gaming consoles and notebook computers, in addition to flat-panel TVs.
Best Buy made $228 million in net income for the quarter that ended on the first of December, up from $150 million for the same period in 2006. Same-store sales, meanwhile, jumped 6.7 percent, and were also helped by an extra week of holiday shopping due to a calendar quirk.