Best Buy Fourth-Quarter Comparable Store Sales Increase 9.7 Percent
MINNEAPOLIS--(BUSINESS WIRE)--March 4, 2004--Revenue increases 21% to $8.44 billion; Company expects Q4 earnings from continuing operations at the high end of its range
Best Buy Co., Inc. (NYSE:BBY) today reported a 21-percent increase in revenue from continuing operations to $8.44 billion for the Company's fiscal 2004 fourth quarter, which ended on Feb. 28, 2004. This total compares with revenue of $6.99 billion for the Company's fiscal 2003 fourth quarter, which ended on March 1, 2003. Drivers of the increase included a strong comparable store sales gain and the addition of 78 new stores in the past 12 months.
Comparable store sales increased 9.7 percent for the fourth quarter of fiscal 2004, higher than the Company's guidance at the beginning of the quarter of a 6- to 8-percent gain. The Company previously reported a comparable store sales gain of 9.3 percent for the fiscal month of December.
Comparable store sales of MP3 devices showed triple-digit growth as more consumers grew to understand the convenience of those devices.
