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Best Buy announced that first-quarter profit, revenue all exceeded expectations - Best Buy, Gome - by na b
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Best Buy announced that first-quarter profit, revenue all exceeded expectations - Best Buy, Gome - by NA B
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| Article Posted: 02/02/2011 |
| Article Views: 117 |
| Articles Written: 2638 - MORE ARTICLES FROM THIS AUTHOR |
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Best Buy announced that first-quarter profit, revenue all exceeded expectations - Best Buy, Gome - |
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Business,Business News,Business Opportunities
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Morning, the largest U.S. electronics retailer Best Buy (BestBuyCo.) (BBY) announced first-quarter profit fell 6.8%, mainly with the decline in investment income, as well as laptop computers, video game consoles over profitability increase in the low sales.
Ended May 31 in the first quarter, Best Buy's net income fell to 179 million U.S. dollars, down from 192 million U.S. dollars a year earlier. However, earnings per share from 39 cents to 43 cents because the number of outstanding shares reduced by 14% year on year. Quarterly sales grew 13%, from 7.93 billion U.S. dollars to 8.99 billion U.S. dollars.
According to information provided by FactSet, Wall Street analysts on average expected: Best Buy first quarter earnings of 37 cents per share, sales will reach 8.56 billion U.S. dollars.
Best Buy reiterated full-year earnings of 3.25 to 3.40 U.S. dollars in performance expectations remain unchanged, excluding the impact of transactions with CarphoneWarehouse.
At 10:05 am EDT, the New York Stock Exchange-listed in Best Buy shares fell 26 cents to 45.60 U.S. dollars.
Best Buy said sales in stores open at least a year rose 3.7%, U.S. market share increased by 1.5 percentage points, benefiting from the market for television, video games and the
Mobile
Demand, and the company expanded the store's Apple (AAPL) product counter and joined Dell (DELL) computer products. Some analysts noted that the Government's back tax checks also contributed to Best Buy's sales growth.
Analysts also said winning a Best Buy rival CircuitCityStoresInc. (CC) of the market, which the U.S. economic slowdown and increased competition from Wal-Mart's predicament. Wal-Mart is the world's largest retailer.
Not long ago, Wal-Mart to MarketWatch, a senior manager said, Wal-Mart for electronics repair and installation services are very interested. Some analysts have pointed out that this is Wal-Mart, Best Buy is relatively the most competitive one of the areas of business.
Analysts believe that Best Buy is also likely to face
Flat Panel TV
The problem of excess supply, as demand is expected to decline, Best Buy may have to lower prices.
First quarter investment income fell 52% year on year, while interest expense increased. Excluding these items, Best Buy's operating income will grow by 4.1%, while gross margin was lower than the same period last year.
Best Buy is expected before the end of the year to join in all U.S. stores sell mobile phones and other wireless products BestBuyMobile. Best Buy said that this area needs to promote the U.S. comparable store sales of wireless products rose 10%.
In May this year, Best Buy agreed to buy 2.1 billion U.S. dollars and British CarphoneWarehouseGroup their joint venture, 50% of the shares. The deal will give Best Buy access to Carphone European wireless service and retail operations of the shares. Earlier, the two sides have reached another deal, Carphone will help Best Buy to expand BestBuyMobile scale of operation in the U.S. market.
Currently, Best Buy is also expanding in China, Canada, Turkey and Mexico and other overseas markets.
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