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Best Buy Boosts Bottom-Line

MINNEAPOLIS-Electronics outfit Best Buy Co. outperforms Q1 expectations, posting an 85% increase in year-over-year sales.

By Dana Dubriwny | Updated on June 14, 2005

MINNEAPOLIS-Best Buy Co. Inc. reported first quarter net earnings of $170 million, or 51 cents per diluted share, far exceeding analysts’ expectations of 30 cents per diluted share. First-quarter net earnings ending May 28 increased 85% year-over-year compared to $92 million, or 28 cents per diluted share during the same period last year.

“We are extremely pleased with the first-quarter results, which exceeded our expectations on several dimensions,” said Brad Anderson, vice chairman and CEO of Best Buy. Anderson noted the company’s customer-centric operating model was a key driver in the strong Q1 performance. “By empowering our employees to focus on our customers’ needs and lifestyles, we continue to generate solid, profitable revenue growth with existing and new customers,” Anderson said.

As a result of the opening of new stores and a comparable-store sales gain of 4.4%, North American Best Buy stores reported revenues of $6.1 billion, a 12% increase from 2004. US Best Buy stores reported revenue of $5.5 billion and a first-quarter comparable store sales gain of 4.5%, which was reflective of higher average ticket sales.

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