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Best Buy's Profit Falls 27% as Expenses Rise

September 18, 2002|Bloomberg News

Best Buy Co.'s fiscal second-quarter profit fell 27%, but beat analyst expectations.

The largest U.S. electronics retailer said net income dropped to $62 million, or 19 cents a share, as it spent more to open stores. The results were a penny better than the average analyst expectations that were revised last month after the company warned of lagging sales. Sales increased 20% to $5.01 billion, helped by Best Buy's acquisition of the Future Shop chain in Canada last year.

Shares of Eden Prairie, Minn.-based Best Buy rose $1.37, or 5.7%, to $25.46 on the NYSE.

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