• September 15, 2009

Best Buy says its second-quarter revenue gained 12% to $11 billion, up from $9.8 billion in the same period a year ago. And while its comparable store sales fell 3.9% and its net earnings tumbled 22% to $202 million, the company says its results are strong enough that it is increasing its financial forecast for the full year.

"Our ability to capture a significant amount of market share in the period is directly correlated to the dedication and expertise of our employees," says Brian Dunn, CEO of Best Buy in a release. "We have great prices, great people, and great solutions -- a combination that gives us confidence in our ability to deliver a better financial outcome for the year than we originally expected." The Minneapolis-based company also says its same-store sales results improved each month within the quarter.

In the U.S., comparable-store sales fell 3.1%. Traffic was up a bit, offset by a reduction in the average sale. Notebook computers, mobile phones and flat-panel TVs performed well; in fact, sales of flat panel TVs actually gained in the mid-single digits. Gaming, digital cameras, music and movies all declined.--Sarah Mahoney