Strong DVD sales
MINNEAPOLIS, Dec. 15 /PRNewswire/ -- Best Buy Co., Inc. (NYSE: BBY - news) today reported record financial
results for the third quarter of its fiscal 1999 year, which ended November 28, 1998.
According to Chairman & CEO Richard M. Schulze, Best Buy reported a 106% increase in net earnings to a record
$54.4 million or 52 cents per diluted share for the third quarter of fiscal 1999, compared to $26.4 million or 29 cents
per share, for the comparable quarter last year. For the first nine months of fiscal 1999, net earnings increased 275% to
a record $114.2 million or $1.10 per diluted share, compared to $30.4 million, or 34 cents per share for the same
period last year.
''Strong sales of technology products, such as DVD, DBS, digital cameras and cellular telephones, as well as
entertainment software, contributed to our record sales and earnings,'' Schulze said. ''Increased efficiencies
year-over-year have allowed us to improve product in-stock and inventory turns to capitalize on these sales trends.
Consumer confidence combined with hot technology products and great deals kicked off what should be a strong
holiday season at Best Buy.'' <snip>
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