Record sales at Best Buy. DVD mentioned. An excerpt:
<<Best Buy Reports Record Third Quarter Sales; Company Comments on
Third Quarter Earnings
PR Newswire - December 03, 1998 08:44
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MINNEAPOLIS, Dec. 3 /PRNewswire/ -- Best Buy Co., Inc. (NYSE: BBY) today reported record sales for the Company's
fiscal 1999 third quarter, ended November 28, 1998.
According to Allen Lenzmeier, chief financial officer, sales for the third fiscal quarter were a record $2.493 billion, an 18%
increase compared to the $2.106 billion reported in the third quarter last year. For the nine-month period, sales were a record
$6.619 billion, a 20% increase compared to the $5.506 billion for the comparable 39 weeks in the previous year. Comparable store
sales increased 12.2% for the third quarter and increased 14.9% for the first nine months.
"We are encouraged by consumer spending during the quarter and believe the response to our Thanksgiving offers positions us
well for the holiday selling season," Lenzmeier said. "Sales volumes continued strong, with double digit sales increases in consumer
electronics and entertainment software. Digital technology products, including DVD, digital phones and cameras, generated
increased store traffic. The personal computer category achieved a comparable store sales increase, which was driven by
significant unit sales, despite a decline in average selling prices."
Earnings for the third quarter are expected to exceed current First Call analyst estimates of 47 cents per diluted share compared
to 29 cents per diluted share last year. Actual third quarter earnings will be released on Tuesday, December 15, 1998.>> |
