Best Buy 2Q revenue boosted by store growth

MINNEAPOLIS Best Buy today reported revenue of $8.8 billion for the second quarter ended Sept. 1, an increase of 15% compared with $7.6 billion for the prior year's period. The company attributes the rise in revenue to new U.S. store openings, strong growth in the international segment and a company comparable-store sales gain of 3.6%.

The company reported net earnings for the quarter of $250 million, or 55 cents per diluted share, an increase of 17% over net earnings of $230 million, or 47 cents per diluted share, for the prior-year period. 

"We're pleased with the strong outcome that our dedicated employees delivered for the quarter," said Brad Anderson vice chairman and ceo of Best Buy. "Our results were better than we expected, as we continued to adapt to the marketplace and changes in customer needs."

Best Buy said that it is updating its fiscal 2008 diluted EPS outlook to be in the range of $3.00 to $3.15 and for comparable-store sales to be near the middle of its range of 3% to 5%.