Tag Archives: Sharon McCollam

Best Buy Net Nearly Doubles in Q3

Best Buy Posts Q1 Loss

MINNEAPOLIS-Reduced expenses and a slight gain in sales bolstered Best Buy’s third-quarter net income to the tune of 98.1 percent, to $107 million. Selling, general and administrative expenses were slimmed by 5.3 percent in dollars and 120 basis points as a percentage of sales, to 20.6 percent. Net sales in the quarter, which ended onMore »

Last updated: November 20, 2014

Best Buy Q2 Net Drops 45.1 Percent

Best Buy Posts Q1 Loss

MINNEAPOLIS-Declines in both sales and gross margin were key factors as Best Buy’s second-quarter net income fell 45.1 percent to $146 million. Net sales in the quarter, which ended on Aug. 2, were down 4 percent to $8.9 billion, including a 2.7 percent falloff in same-store sales. Gross margin dropped 340 basis points as aMore »

Last updated: August 26, 2014

Best Buy Net Skyrockets in Q2

Best Buy Posts Q1 Loss

MINNEAPOLIS-The cost reductions from its Renew Blue program, unveiled last November, plus an improvement in margin bolstered Best Buy to a 2,116.7 percent increase in second-quarter net income, which totaled $266 million. Renew Blue is the retailer’s transformational strategy geared toward increasing its sales and profitability. Hubert Joly, Best Buy’s president and CEO, said theMore »

Last updated: August 20, 2013