Original URL: http://www.channelregister.co.uk/2007/12/18/best_buy_q3_earnings/
Best Buy had a great Q3, propelled by strong sales of fat-margin games consoles, notebook PCs, flat screen TVs and GPS thingymajigs. An extra week of holiday shopping for the quarter ended December 1 did it no harm, either.
Earnings were $228m (Q3 2006: $150m) on revenues up 17 per cent to $9.93bn (Q3 2006: $8.47bn). The electronics retailer attributed 2.5 per cent of the sales growth to a calendar shift that moved the end of Q3 from last year's November 27 to this year's Dec 1. But this will have a knock-on effect in Q4, which loses a week's holiday madness for its sales period.
Accordingly, Wall Street marked down the company's shares almost four per cent in early trading today.
With the world+dog anticipating weak US consumer spending next year, Best Buy should suffer from any downturn. But today's results show that it is beating up its major competitors, Circuit City and the soon-to-be defunct CompUSA (http://www.channelregister.co.uk/2007/12/10/compusa_shuts_down/). The company is acclerating growth plans, aiming to open 150 new stories in the current year, 15 more than it had previously planned. Presumably, it is poring over CompUSA's store portfolio right now. ®
Blockbuster withdraws $1bn Circuit City bid (2 July 2008)
http://www.channelregister.co.uk/2008/07/02/blockbuster_withdraws_circuit_city_bid/
Circuit City reports Q1 loss as US shoppers unplug (20 June 2008)
http://www.channelregister.co.uk/2008/06/20/circuit_city_q1_losses_widen/
Circuit City runs up the white flag (9 May 2008)
http://www.channelregister.co.uk/2008/05/09/circuit_city_due_diligence/
Best Buy calls copper on unsatisfied shopper (28 March 2008)
http://www.channelregister.co.uk/2008/03/28/best_buy_calls_copper_on_shopper/
Best Buy 'framed' by pesky Windows virus (25 January 2008)
http://www.channelregister.co.uk/2008/01/25/best_buy_digital_frames_virus/
Best Buy nixes in-store Heath Ledger shrine (25 January 2008)
http://www.theregister.co.uk/2008/01/25/heath_ledger_best_buy_shrine/
Laughing Squid squirts ink at Best Buy (13 December 2007)
http://www.channelregister.co.uk/2007/12/13/best_buy_cease_and_desist/
CompUSA goes titsup (10 December 2007)
http://www.channelregister.co.uk/2007/12/10/compusa_shuts_down/
Best Buy kicks out misbehaving Geek Squaders (3 December 2007)
http://www.channelregister.co.uk/2007/12/03/geek_squad_porn_data/
Best Buy sells 'last Wii' twice (15 November 2007)
http://www.reghardware.co.uk/2007/11/15/best_buy_sells_last_wii_twice/
Best Buy adds disclaimer to 'secret website' (26 September 2007)
http://www.channelregister.co.uk/2007/09/26/best_buy_adds_disclaimer_to_kiosks/
Best Buy amps up Apple volumes (4 April 2007)
http://www.channelregister.co.uk/2007/04/04/best_buy_apple_computer_roll-out/
Circuit City fires 3,500 'overpaid' staff (28 March 2007)
http://www.channelregister.co.uk/2007/03/28/circuit-city_fires_3400_store_workers/
CompUSA jettisons 126 stores (28 February 2007)
http://www.channelregister.co.uk/2007/02/28/compusa_store_closure/
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