Best Buy Results: Computers Strong, Appliances Weak

  • September 19, 2007
Best Buy Co. says its comparable-U.S. store sales for its fiscal second quarter gained 1.7%, but new store openings in the U.S. and strong international results led to a 15% increase in revenues, to $8.8 billion.

Despite double-digit gains in flat-screen TVs and triple-digit gains in mobile navigation devices, sales of its consumer electronics category, which accounts for 38% of second-quarter revenue, fell 1.6% due to declines in the sales of regular TVs, as well as DVD and MP3 players.

Sales in its home office category, which account for 31% of revenue, gained 9.8%, with notebook computers showing double-digit growth. Home appliance sales, which account for 8% of revenue, fell 7.1%.

Best Buy's Web site also continues to do well, with second-quarter online revenue up more than 20% from the same period a year ago.

--Sarah Mahoney



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