Fitness financials: Best Buy posts 60 percent rise in Q2 income

Best Buy reported a 60-percent rise in second-quarter net income as shoppers bought cell phones, appliances and tablet computers.
Author:
Publish date:

Best Buy posts 60 percent rise in Q2 income

Best Buy (NYSE: BBY), which carries fitness equipment in select stores, reported a 60-percent rise in second-quarter net income as shoppers bought cell phones, appliances and tablet computers.

Net income for the three months ended Aug. 28 rose to $254 million, or $0.60 per share, compared with $158 million, or $0.37 per share, last year.

The company bought back $600 million in shares during the quarter, which helped earnings by about a penny.

Revenue rose 3 percent to $11.34 billion versus $11.02 billion last year. Revenue in stores open at least 14 months edged down 0.1 percent. Domestic revenue rose 3 percent to $11.3 billion, while international revenue rose 6 percent to $2.9 billion.

Best Buy now expects full-year net income of $3.70 per share, up from $3.55, and anticipates same-store sales to rise 1 percent to 2 percent. It also expects full-year revenue to grow 5 percent to $52 billion.

--Compiled by Wendy Geister

For more information about any public company on this page or its financial reports, as well as to view stock prices updated every 15 minutes, visit the SNEWS® Stock Market Updates. Click on: www.snewsnet.com/cgi-bin/snews/stock_report.html.

Related

Fitness financials: Wal-Mart’s Q2 profit rises

Wal-Mart’s Q2 profit rises Wal-Mart Stores (NYSE: WMT) reported a 3.6-percent increase in second-quarter net income and raised its earnings guidance for the full year. Wal-Mart's net income was $3.59 billion, or $0.97 per share, compared to $3.47 billion, or $0.89 per share, a ...read more

Fitness financials: Best Buy’s Q3 profit jumps

Best Buy’s Q3 profit jumps Best Buy (NYSE:BBY), which now carries fitness equipment in select stores, said its third-quarter profit was boosted by customers buying electronics and gift cards, but it was cautiously optimistic about the rest of the holiday shopping season. "The ...read more