BUSINESS

Best Buy On A Roll

Helped by strong demand for electronics such as large screen TVs, smart phones and appliances, Best Buy Co., Inc., one of the largest electronics retailers in the U.S. has a lot to shout about given its performance in its first-quarter report which ended May 2, 2015.

The company in a strategic move has cut cost and consolidated its position and the rest is history as the mantra goes.

The company reported better- than-expected profit and sales.

Best Buy Seeks To StrengthenHubert Joly, Best Buy president and CEO, said, “While merchandising, marketing and operational execution were the tactical drivers of our better-than-expected first-quarter financial results, strategically, we believe the cumulative impact of the progress we have made to improve our multi-channel customer experience is what has allowed us to consistently outperform the market.”

The CEO also said the company’s performance is partly due to a strategy of delivering ‘Advice, Service and Convenience at Competitive Prices’ that continued to resonate well with customers.

The net income attributable to Best Buy’s shareholders fell to $129 million, or 36 cents per share, during the quarterly period. In comparative terms it is a far cry from earnings of $461 million, or $1.31 per share, a year earlier.

Excluding one-time items, the company earned 37 cents per share versus 35 cents in the same time a year ago.

Revenue fell 1 percent to $8.56 billion.

Analysts had expected a profit of 29 cents per share and revenue of $8.46 billion, according to press reports.

Best Buy’s shares were up 5.4 percent at $35.6 in mid-morning trade.

Readers Bureau, Contributor

Do you want to add feedback to this story? Please add comment in box below.

Like our Facebook page https://www.facebook.com/TheReadersBureau

Follow us on Twitter https://twitter.com/readersbureau21