12/15/2009 5:13:00 PM
Best Buy reports profits rise 336% in third quarter
American electrical retail giant and Carphone Warehouse partner Best Buy has reported an increase in net earnings of $227m (£140m) for the third quarter of the year compared to $52m (£32m) during the same period last year – an increase of 336%.
The retailer’s international sales fell 6% to $3.1bn (£1.9bn), due to currency fluctuations. However, despite poor performance overseas, the retailer remained confident about the future.
CEO of Best Buy International, Bob Willett said: ‘Although the top-line results for our international segment continued to be challenged, we were very pleased with the growth in operating profits in Europe and Canada.’
Best Buy highlighted four key areas of business priority, including international growth.
In a statement it said: ‘Best Buy Europe experienced connections growth of 2% and the company believes that Best Buy Europe continued to grow overall market share. Best Buy Europe is currently operating 17 Wireless World format stores which are experiencing encouraging early results.
‘The company has signed leases on large-format sites in the U.K. and remains committed to opening its first large-format stores in that country in the spring of 2010, with additional stores to follow in the autumn.
It recently emerged that Willett will retire at the end of the year and no immediate successor has been lined up. The company is planning to open European stores in conjunction with Carphone Warehouse in Spring 2010.