MINNEAPOLIS (AP) — Best Buy pulled further ahead of consumer electronics retail rival Circuit City on Wednesday, reporting an 18.5 percent rise in its fourth-quarter profit while Circuit City swung to a loss.
Best Buy Co. Inc., the nation's biggest consumer electronics chain, said it earned $763 million, or $1.55 per share, during the quarter that ended March 3, up from $644 million, or $1.29 per share, in the three months ended Feb. 25, 2006.
Revenue rose 21 percent to $12.9 billion from $10.69 billion a year ago, driven by store openings and a quarter that was a week longer than last year's.
This was interesting considering just recently the news reported that Best Buy was being investigated for charging customers more for products in their stores than was stated on their online store.
That information can also be found here.
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