Best Buy Posts Higher Same-Store Sales

Retailer Best Buy Co. today (June 3) reported an 8.3% rise in quarterly sales at stores open at least 14 months, citing soaring demand for CDs, DVD movies, digital cameras and flat-panel televisions.

Retailer Best Buy Co. today (June 3) reported an 8.3% rise in quarterly sales at stores open at least 14 months, citing soaring demand for CDs, DVD movies, digital cameras and flat-panel televisions.

The No. 1 U.S. electronics chain also forecast a profit at the "midpoint" of an earlier estimate range of 30 cents to 35 cents a share for the fiscal first quarter ended May 29. Total sales rose 17% to $5.47 billion.

Minneapolis-based Best Buy's same-store sales increase was broadly in line even with analysts' most bullish expectations of an increase between 8% and 9%, as well as the company's own forecast of growth ranging from 7% to 9%.

The retailer, estimated to hold a 17.7% share of the $100 billion U.S. consumer electronics market, says strong Memorial Day weekend selling helped offset a somewhat slower May.

--Reuters
THE BILLBOARD BIZ
SUBSCRIBER EXPERIENCE

The Biz premium subscriber content has moved to Billboard.com/business.


To simplify subscriber access, we have temporarily disabled the password requirement.