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Best Buy Posts Gains

RICHFIELD, MN-Its Canadian and Magnolia stores do especially well in comp sales.

By Dees Stribling | Updated on December 02, 2004

RICHFIELD, MN-Electronics giant Best Buy chalked up revenues of $6.65 billion for its fiscal third quarter ended Nov. 27, compared with $6.03 billion for the third quarter of 2003, attributing the gain to a healthy consumer appetite for digital TVs, MP3 players, digital cameras, notebook computers, video games and appliances, all of which we sales leaders for the quarter, according to the company.

“We drove a higher-average ticket, and overcame softness in lower-priced, traffic-building categories, such as CDs and DVDs,” says Brad Anderson, vice chairman and CEO of the retailer. U.S. Best Buy stores reported a third-quarter comparable store sales gain of 3% compared with 3Q 2003.

The company’s international stores, comprised of Future Shop and Best Buy stores in Canada, did even better by that measure, with a comparable store sales gain of 5% percent, according to the company. Magnolia Audio Video stores–which sell high-end products at 22 stores in California, Oregon and Washington–enjoyed a comparable store sales gain for the quarter of 7.2%.

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