Retailer Best Buy Soars in Wake of Expansion
The picture has brightened considerably since then. Best Buy has streamlined its product lines, begun emphasizing aftermarket warranties, and has benefited from a general rebound in the consumer electronics market. A follow-up to its March 4 preliminary report said fourth-quarter sales were up 21% ($2.85 billion) over the same period a year earlier. It also reported a 17% increase in same-store sales.
The company's $70 5/16-per-share (as of April 2) stock (NYSE: BBY) has risen 50% in the last month. A year ago it was trading at $10/share. When this year's 25-store expansion is completed, Best Buy will have over 300 stores in North America. The mass-market retailer racked up $7 billion in sales last year.