Best Buy Profit Is Up; Circuit City Reports Loss
From Bloomberg News
Best Buy Co., the biggest U.S. electronics chain, reported second-quarter profit more than doubled, while No. 2 Circuit City Stores Inc. said it had a loss as sales fell and costs rose.
Best Buy’s net income jumped to $139 million, or 42 cents a share, from $62 million, or 19 cents, a year earlier. Richmond, Va.-based Circuit said its loss widened to $124.2 million, or 60 cents a share, from a loss from continuing operations of $11.2 million, or 5 cents, a year earlier.
Sales at Richfield, Minn.-based Best Buy climbed 17% to $5.4 billion in the quarter that ended Aug. 31, while sales at stores open at least 14 months rose 7.5%. Circuit City’s sales fell 2.9% to $2.16 billion in the same period; same-store sales fell 5%.
From Bloomberg News
