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Best Buy sales climb 10% in Q4 FY09

Updated Dec 19th, 2018 6:17PM EST

Recession? What recession? Best Buy posted its financial results for the fourth quarter of its fiscal year ending February 28th yesterday and all things considered, business looked pretty darn good. In the 12 months leading up to March 1st — the same period of time that saw Circuit City tank and wither away — Best Buy added 213 new locations (net). Crazy. Q4 revenue rang in at $14.7 billion, 10 percent above Q4 in the company’s prior fiscal year. The big sellers? Laptops and cellphones. Profits did decline 23 percent to $570 million however; partially a result of bad exchange rates and $144 million in restructuring and impairment charges. Perhaps the most interesting takeaway was Best Buy’s statement that while traffic in its stores dropped in Q4, customer spending increased. Less people are shopping but those who are spend more money — surprising considering the fact that consumer electronics costs are constantly being driven down.

[Via The New York Times]


Zach Epstein
Zach Epstein Executive Editor

Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content. Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment.

His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.