CHICAGO — Consumers snapped up surprising numbers of flat-screen televisions, laptops, digital cameras and cellphones during Best Buy Co.'s latest quarter, helping boost revenue 10%, the company reported Thursday.
Sales in the fiscal fourth quarter that ended Feb. 28 were strongest in February, and the world's largest consumer electronics retailer said same-store sales might have been even better if a plan to scale back inventory hadn't left some stores short of items that shoppers were seeking.
"We were surprised with demand," said Chief Operating Officer Brian Dunn, who is set to become chief executive this summer. "We know we left some sales on the table in January and February."
Despite the revenue growth, the world's largest consumer electronics chain said its profit sank 23%, mostly because of one-time charges.
Executives promised to take advantage of the liquidation of their closest competitor to attract customers who used to shop at the now-defunct Circuit City Stores Inc. "We believe this environment presents a tremendous amount of opportunity, and we intend to take full advantage of those opportunities," Dunn said.