Best Buy reports Q1 revenues up, profits down

Best Buy has reported its 2009 first quarter financial results, with an overall quarterly revenue increase of 13 per cent from USD 7.93 billion to USD 8.99 billion in the three months to the end of May 31.

However, gross profit as a percentage of income fell from 23.9 per cent to 23.7 per cent, while net profit fell by 6.8 per cent from USD 192 million to USD 179 million, resulting in a share dip of 5.3 per cent at time of publishing.

According to the financial statement the company increased its domestic market share by around 1.5 per cent, and reported sales gains in its television, computing, videogames and mobile phones categories.

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