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Best Buy Q3 earnings up 79%

FROM TWICE: Income rose 52%

By Alan Wolf of TWICE -- Video Business, 12/18/2007

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DEC. 18 | FROM TWICE: Strong sales, a more rational promotional environment and labor productivity gains helped Best Buy boost its operating income 79% to $351 million for its fiscal third quarter, ended Dec. 1. Net income rose 52% to $228 million and net revenue increased 17% to $9.9 billion.

Within the company’s domestic segment, comprised of U.S. Best Buy, U.S. Geek Squad, Magnolia Audio Video and Pacific Sales operations, net revenue grew nearly 15% to $8.2 billion thanks to the addition of 96 new stores and a same-store sales gain of 6.1%, which included the benefit of an extra post-Thanksgiving shopping week.

Read the full story on TWICE.com.



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