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
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