Printer Friendly

BEST BUY REPORTS RESULTS

 BEST BUY REPORTS RESULTS
 MINNEAPOLIS, June 22 /PRNewswire/ -- Best Buy Co., Inc. (NYSE: BBY)


today reported financial results for the first quarter of its fiscal 1993 year, which ended May 30, 1992.
 According to Richard M. Schulze, chairman & CEO, earnings for the first quarter increased 207 percent to $1,244,000 or 11 cents per share, as compared to $405,000 or five cents per share, for the comparable quarter last year. Previously reported sales increased 49 percent to $246 million from $166 million a year ago.
 Contributing to the improved financial results were comparable store sales increase of 17 percent during the quarter, operating profit from 17 new stores opened in the prior fiscal year and a lower operating expense rate (SG&A expenses were 19.0 percent of revenues compared to 20.7 percent for the first quarter last year.) The gross profit margin was 20.0 percent compared to 21.5 percent last year. The lower gross profit margin percentage was in line with company expections and mainly reflects a higher level of personal computers in the company's sales mix and a reduced emphasis on the sale of extended service plans. Earnings per share did not increase in the same proportion on dollar earnings due to a higher number of common shares outstanding.
 The company's fiscal 1993 expansion plans continue on schedule with 25 of the planned 30 store sites now committed. Ten to 12 stores are expected to open in the second quarter with the balance opening the company's third quarter. Best Buy reports sales on a 5-4-4 week basis. Best Buy is the third largest publicly held consumer electronics and major appliance specialty retailer in the U.S. The company sells nationally-recognized name brand consumer electronics, major appliances, personal computers and other home office products, entertainment software and photographic equipment at 73 stores in 10 states (Minnesota, Texas, Wisconsin, Missouri, Illinois, Colorado, Iowa, Kansas, Nebraska and South Dakota.)
 BEST BUY CO., INC.
 Three months ended May 30, 1992 June 1, 1991
 Revenues $246,481,000 $165,579,000
 Cost of goods sold 197,137,000 130,059,000
 Gross profit 49,344,000 35,520,000
 Gross profit percent 20.0 21.5
 Selling, general and
 administrative expenses 46,811,000 34,216,000
 S G & A percent 19.0 20.7
 Operating income 2,533,000 1,304,000
 Interest expense, net 526,000 652,000
 Earnings before income taxes 2,007,000 652,000
 Income taxes 763,000 247,000
 Effective tax rate percent 38.0 37.9
 Net earnings 1,244,000 405,000
 Earnings per share .11 .05
 Primary weighted average
 common shares outstanding 11,631,000 (A) 8,289,000
 (A) -- Includes 414,000 shares for the effect of the company's outstanding stock grants.
 -0- 06/22/92
 /CONTACT: Richard M. Schulze, chairman & CEO, 612-896-2448 or Allen Lenzmeier, executive vice president & CFO, 612-896-2454, both of Best Buy/
 (BBY) CO: Best Buy CO., Inc. ST: Minnesota IN: REA SU: ERN


JP -- NY009 -- 2231 06/22/92 08:31 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 22, 1992
Words:508
Previous Article:NEW HOPE FOR VICTIMS OF SKIN AND INTERNAL CANCERS
Next Article:DATA FROM IMMUNOGEN'S BONE MARROW PURGING STUDIES WITH ONCOLYSIN M IN CANCER PRESENTED AT IMMUNOTOXINS MEETING
Topics:


Related Articles
BEST BUY CO., INC., REPORTS FIRST QUARTER FINANCIAL RESULTS
BEST BUY REPORTS FIRST QUARTER RESULTS AND ANNOUNCES ADDITION OF OFFICE SUPPLIES
Mixed messages.
Best Buy Reports Second Quarter Results
Best Buy Reports Third Quarter Results
Best Buy Reports Fiscal 1998 Second Quarter Sales
Best Buy Reports Second Quarter Results
Best Buy Reports Record Fiscal 1998 Sales
Best Buy Reports Record Third Quarter Sales; Company Comments on Third Quarter Earnings.
Best Buy Reports Record First Quarter Sales For Fiscal 2000; Earnings Expected to More Than Double Prior Year's First Quarter Results.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters