Best Buy Earnings Boost 51 Percent

31-Mar-00

Best Buy reported record financial results for the fourth quarter and fiscal 2000 year, ended February 26, 2000. According to Chairman and CEO Richard M. Schulze, Best Buy reported a 51 percent increase in net earnings to a record $163.8 million for the fourth quarter of fiscal 2000, compared to $108.8 million for the comparable quarter last year. Net earnings for fiscal 2000 increased 60 percent, to a record $347.1 million compared to $216.3 million for the same period last year. ""Our performance in the fourth quarter exceeded our expectations and capped another breakaway year for Best Buy, solidifying our market leading position,"" Schulze said. ""Our initiatives over the past few years have positioned us to embrace the new digital marketplace, while significantly enhancing core productivity of our assets, resulting in significant improvements in earnings. We expect that current initiatives, including our strategic alliances, our e-commerce business and increased store openings, will position us to create long-term shareholder value."" Sales for the fourth quarter increased 25 percent to $4.315 billion from $3.456 billion a year ago. Fiscal 2000 sales were $12.494 billion, a 24 percent increase, compared to $10.065 billion last year. Comparable store sales increased 11 percent for both the quarter and fiscal year on top of double-digit increases during the same periods last year. The comparable store sales gains in the last two years have increased the average annual store sales volume to more than $37 million. Net interest income was $10.2 million in the fourth quarter compared to $7.1 million for the same period last year and $23.3 million for the fiscal year compared to $0.4 million last year. The annual improvement in net interest income of nearly $23 million resulted from lower levels of debt in the current year and generally higher interest rates on invested cash balances. Source: DVDInsider.com

For more information, visit http://www.bestbuy.com.

Read More:
http://www.bestbuy.com