BEST BUY DOES EVEN BETTER
"Strong consumer traffic over the Thanksgiving weekend kicked off an exciting holiday season," stated CFO Allen Lenzmeier. "Now, can I interest you in a brand-new washer-dryer to go along with that Backstreet Boys record?"
Sales for fiscal 3Q were a record $3.734 billion, a 20% increase over the $3.107 billion in last year's third quarter. For the nine-month period ended November 25, sales were a recod $9.867 billion, a 21% increase compared to the $8.179 billion for a comparable period the previousyear. Comparable store sales were up 5.9% for the third quarter on top of the 9.2% increase reported in 3Q last year. For the nine month-period comparable store sales were up 6.7% after increasing 11.1% over the same time last year.
Added Lenzmeier: "In a more cautious consumer environment, we were pleased with our comparable store sales gain, which were in line with expectations. However, they were driven by a more promotional environment, which impacted gross margins. We continue to experience double-digit sales increases in video product, wireless phones, music and movies. Hey, I'll give you this Beatles album if you buy a Palm Pilot."
Retail insiders estimated the company spent millions on the Thanksgiving weekend promotion.