Tags: US | Earns | Best | Buy

Best Buy's Profit Jumps 60 Percent as Sales Rise

Tuesday, 14 Sep 2010 08:26 AM

Best Buy says fiscal second-quarter net income rose 60 percent as shoppers bought cell phones, appliances and tablet computers.

Results handily beat expectations. Shares jumped 8 percent in premarket trading. The company is also raising its full-year outlook.

The electronics retailer says net income rose to $254 million, or 60 cents per share. That compares with $158 million, or 37 cents per share, last year.

Revenue rose 3 percent to $11.34 billion.

The number of customers in stores fell, but those who came in spent more.

Best Buy now expects full-year net income of $3.70 per share, up from $3.55. Analysts expect $3.36 per share.

Best Buy Co. is based in Minneapolis.

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Best Buy says fiscal second-quarter net income rose 60 percent as shoppers bought cell phones, appliances and tablet computers.Results handily beat expectations. Shares jumped 8 percent in premarket trading. The company is also raising its full-year outlook.The electronics...
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2010-26-14
 

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