Best Buy: What recession?
For the quarter ending Dec. 1, from the company's news release:
Best Buy Co., Inc. (NYSE:BBY) today reported net earnings of $228 million, or $0.53 per diluted share, for its fiscal third quarter ended on Dec. 1, 2007. The leading consumer electronics retailer's diluted earnings per share increased 71 percent, compared with $0.31 per diluted share, or $150 million, for the prior-year third quarter. The better-than-expected EPS growth was driven by 17-percent revenue growth, which stemmed from new store openings and a 6.7-percent comparable store sales gain. The comparable store sales gain included the benefit of an additional post-Thanksgiving holiday shopping week. The strong revenue growth, which helped drive selling, general and administrative (SG&A) expense leverage, coupled with a flat gross profit rate, drove a 120-basis-point improvement in the operating income rate for the quarter.






