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"We benefitted from consumer preference for our store format and our products."
—Richard Schulze, Best Buy Chairman/CEO
BEST BUY TURNS ON THE FUN
Thats Fun, As in "Second Quarter Earnings" Fun
Minneapolis-based Best Buy issued its 2Q earnings report this morning, saying that net income for the period ended Sept. 1 rose to $85 million, or 39 cents a share, compared with $77 million, or 36 cents a share, for 2Q 2000. Sales for the quarter rose 31 percent to $4.16 billion from $3.17 billion a year ago.

The company credited sales of DVD players and other digital electronics products with raising earnings. The company did not break out sales for American flags.

Said Chairman/CEO Richard Schulze: "We benefitted from consumer preference for our store format and our products. We anticipate that digital products, which reached 15 percent of sales at Best Buy stores in the second quarter, could represent 18 or 19 percent of sales in the fourth quarter."

The company said it expects 3Q earnings of 38 cents a share or better, with same-store sales flat to up 2 percent.

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