Best Buy Q2 profit leaps 60% on rising sales

Minneapolis Best Buy Co. said Tuesday that net income for the second quarter ended Aug. 28 surged 60% to $254 million, compared with $158 million in the year-ago period.

Revenue, driven by sales of cell phones, appliances and tablet computers, increased 3% to $11.34 billion, from $11.02 billion last year. By division, domestic revenue rose 3% to $11.3 billion while international revenue rose 6% to $2.9 billion.

Results were also boosted by profit from Best Buy's standalone mobile stores and lower promotional and loyalty program costs.

Same-store sales dipped 0.1%.

In-store customer counts fell during the second quarter, said the retailer, but average tickets rose.