Friday, June 17, 2005
Best Buy continues to outpace Circuit City
On Tuesday, Best Buy said its first-quarter profits rose an unexpected 85 percent as sales of high-end televisions and digital music players soared.
...Circuit City, based in Richmond, said its larger-than-anticipated loss in the first quarter was mostly tied to $11.9 million in pretax costs related to its battle with RadioShack in Canada.
...Shares of the Minneapolis-based retailer soared after it said its quarterly profit rose to $170 million, or 51 cents per share, from $92 million, or 28 cents a share, in the year-ago period.
...The larger retailer benefited from stronger-than-anticipated profit margins and revenue, as well as a new initiative in which stores target specific customer groups like small-business owners or suburban homemakers.
...The high-end TV category will become increasingly lucrative for retailers as consumers drawn by more affordable prices begin replacing their old sets, said analyst Stephen Baker of the research firm NPD Group.
SignOnSanDiego.com 6/17/05
...Circuit City, based in Richmond, said its larger-than-anticipated loss in the first quarter was mostly tied to $11.9 million in pretax costs related to its battle with RadioShack in Canada.
...Shares of the Minneapolis-based retailer soared after it said its quarterly profit rose to $170 million, or 51 cents per share, from $92 million, or 28 cents a share, in the year-ago period.
...The larger retailer benefited from stronger-than-anticipated profit margins and revenue, as well as a new initiative in which stores target specific customer groups like small-business owners or suburban homemakers.
...The high-end TV category will become increasingly lucrative for retailers as consumers drawn by more affordable prices begin replacing their old sets, said analyst Stephen Baker of the research firm NPD Group.
SignOnSanDiego.com 6/17/05
# posted by Lynn Wegley @ 6:28 PM 
