MINNEAPOLIS, Dec. 5 Best Buy Co., Inc. (NYSE: BBY) today
reported sales for November 1996, a four-week period ending November 30th, and the third quarter of its fiscal 1997 year.
According to Allen Lenzmeier, chief financial officer, November 1996 sales of $767 million were 2% more than the $750 million achieved for the comparable four-week period ended November 25, 1995. Sales for the third fiscal quarter were $2.007 billion, a 4% increase over $1.929 billion for the comparable period last year. Sales for the first three quarters of fiscal 1997 (39 weeks) were $5.423 billion, an increase of 17% over $4.642 billion for the comparable period last year. "Third quarter sales were well below earlier expectations," Lenzmeier stated. "In addition, the personal computer category became more promotional in November."
Comparable store sales decreased 8% for November 1996. This is against a 15% comparable store sales increase last November. For the third quarter, comparable store sales decreased 8% and year-to-date have decreased 1%. Best Buy grand opened 10 stores during the third quarter. These openings included entry into the Tampa, Florida market with four stores, as well as one store each in Fresno, California; Miami, Florida; Fredericksburg, Virginia; Springfield, Pennsylvania; Memphis, Tennessee; and Tucson, Arizona. The Company currently operates 272 locations, 224 of which were considered comparable in November.
Best Buy is the nation's largest volume specialty retailer of name brand consumer electronics, personal computers and home office products, entertainment software and appliances. The Company, celebrating its 30th anniversary this year, operates 272 stores in 32 states. Best Buy's common stock is traded on the New York Stock Exchange, symbol BBY.
This release contains forward-looking statements, which are subject to risks and uncertainties. The Company's SEC filings contain additional discussion about those factors which could cause actual results to differ from management's expectations. |
