Skip to: Content
Skip to: Site Navigation
Skip to: Search

October 13, 2008 10:14:41 AM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Best Buy Profit Soars 52% in 3Q

Posted Dec 18, 07 12:21 PM CST in Business 

(Newser) – A consumer hankering for big-ticket items—and a willingness to pay closer to full price for them—helped Best Buy's third-quarter profit rise 52%, reports the Wall Street Journal. Absent last year's discounting on flat-screen TVs, the country's largest electronics chain posted Q3 net income of $228 million, or 53 cents a share, versus 31 cents a share a year earlier and analysts' forecast of 41 cents.

An extra week of post-Thanksgiving shopping added to the surge; the company expects that same calendar shift to hinder fourth-quarter performance. Revenue rose 17% to $9.93 billion, aided by the opening of 127 new stores; same-store sales rose 6.7%. The company revised expected earnings from $3.10 to $3.20 a share.

Sources Wall Street Journal, CNN

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Wal-Mart Launches $10 Toys, Stores Vow 'This 'R' War'

    Oct 9, 08 5:39 AM CDT
    Wal-Mart Launches $10 Toys, Stores Vow 'This 'R' War' Toy retailers have commenced a fierce price war as a particularly tough holiday season bears down upon them, the Wall Street Journal reports. Wal-Mart cut prices to $10 on key toys including Barbie and Hot Wheels last week, a move quickly mirrored by rivals KB Toys and Target. Toys 'R' Us, meanwhile, plans to focus on choice instead of cheapness.


    More »

  • 'Retail Renting' or Stealing? Stores Crack Down

    Feb 22, 08 5:42 PM CST
    'Retail Renting' or Stealing? Stores Crack Down It’s called “wardrobing” or “retail renting,” when a consumer buys, uses, and then returns merchandise, and the National Retail Federation says it’s growing more popular with shoppers, the Boston Globe reports. It's also becoming a bigger headache for merchants as the economy tightens and businesses work harder to keep customers. The NRF reports a 10% growth in the practice in 2007. More »

  • States, Sellers Drooling Over Gift Card Sales

    Jan 27, 08 2:19 PM CST
    States, Sellers Drooling Over Gift Card Sales After enduring tepid holiday sales, retailers are happily awaiting $8 billion from shoppers with unused gift cards—because only then can sellers claim the added revenue, BusinessWeek reports. But some US states say that their unclaimed-property laws enable them to extract a piece of the left-over card pie. What's really up for grabs is revenue from millions of cards that are lost or forgotten and go unspent. More »

  • Late Shoppers Spread Some Holiday Cheer

    Dec 25, 07 7:30 AM CST
    Late Shoppers Spread Some Holiday Cheer Shoppers swarmed in a last-minute buying binge that will help most, but not all, retailers make the season’s sales projections. For the week ended Saturday sales rose 33% over a year ago and for the final weekend of the season were up 18.7%, reports the Los Angeles Times. Still, “a lot of retailers are going to be disappointed,” said one analyst. More »

  • Online Buyers Want Blenders, Not Diamonds

    Dec 24, 07 3:03 PM CST
    Online Buyers Want Blenders, Not Diamonds With a shaky economy causing consumers angst this holiday season, online e-tailers say shoppers are opting for functional over frivolous. E-sales of furniture and appliances have spiked more than 70%, while sales of jewelry, watches, and flowers have dropped, reports the New York Times. “It’s certainly counter to our expectations,” said the CEO of Furniture.com. More »

Customers browse DVDs at a Best Buy store in Mountain View, Calif., Monday, Dec. 17, 2007. Best Buy Co. on Tuesday, Dec. 18, 2007 said third-quarter profit jumped 52 percent, ahead of analyst expectations,...   (Associated Press)
A reserved parking sign is seen in the parking lot at a Best Buy store in Mountain View, Calif., Monday, Dec. 17, 2007. Best Buy Co. on Tuesday, Dec. 18, 2007 said third-quarter profit jumped 52 percent,...   (Associated Press)
Flat screen televisions are seen on display at a Best Buy store in Mountain View, Calif. in this Sept. 18, 2007 file photo. Best Buy Co. on Tuesday, Dec. 18, 2007 said third-quarter profit jumped 52...   (Associated Press)
Holiday gift cards are seen on display for sale at a Best Buy store in Mountain View, Calif., Monday, Dec. 17, 2007. Best Buy Co. on Tuesday, Dec. 18, 2007 said third-quarter profit jumped 52 percent,...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 3)

Tags

retail sales  • holiday shopping  • Best Buy  • revenue  • profits


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »