On September 17, 2009
Circuit City’s Demise Not Lifting Best Buy Yet
Many industry watchers expected Best Buy stores to get a major sales boost after the demise of competitor Circuit City early this year. That’s not the case so far, though. Best Buy’s second-quarter results were far from stellar. Same-store sales fell 3.9 percent during the period, while net earnings came in at $159 million, down from $202 million in last year’s second quarter. The retailer didn’t turn in a terrible quarter, however, and actually saw increases in the sales of flat-screen televisions, cell phones and computers. (Gaming, appliance and cameras all saw declines.) And Best Buy CEO Brian Dunn said during the company’s earnings call that market share is on the rise. “So far this year we’ve gained more domestic…
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