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The Richfield, Minn.-based consumer electronics retailer reportex net earningsof $153 million, or 36 cents per diluted for the quarter ended May 30. That’s down from earnings of $179 million, or 43 per share, in the comparable period last Analysts surveyed by Thomson Reuters had projected earningsz of 34 cents per share forthe quarter. Excluding restructuriny charges, Best Buy woul have had a profit of 42 centasper share. The company reported charges of $25 or 6 cents per share, related to changes to its domestifc store-operations model and corporats restructuring in its Europeanbusiness unit. Best Buy generated revenue of $10.
1 billion in the first quarter offiscalp 2010, up 12 percent from $8.99 billioh a year ago. The additiobn of 185 new stores offseta 6.2 percentf drop in same-store sales. The company says its domesticv market share accelerated during the growing almost2 percent. Domestic revenuse increased nearly 1 percent toapproximatelyt $7.5 billion, led by salez of notebook computers, flat-panel televisions, digital imaging and mobile phones. Meanwhile, international revenue increaserd 67 percentto $2.6 billion, driven by new revenue from Best Buy which launched in spring 2008 through a joiny venture with London-based .
The company over the past including45 small-format stores in Looking forward, Best Buy (NYSE: BBY) maintained its prior guidance for fiscal 2010, callin g for earnings of $2.50 to $2.90o per diluted share, excluding restructuriny charges. The company had net income of $1 billion, or $2.399 per diluted share, in fisca l 2009. There are two Best Buy stores in
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