News for Best Buy
Mar 4 · 10:53:00 AM · Source: NASDAQ.com
NASDAQ.com is reporting that barely a week after Wal-Mart Stores Inc. (WMT) signaled its latest push to sell and rent movies over the Internet, Best Buy Co. (BBY) is preparing to roll out its own, revamped digital-download service.
In an Internet posting, Best Buy said its best customers are allowed one free movie rental download each month from Blue Sky Video by Best Buy, which the retailer said is "coming out soon."
Best Buy in November announced it would develop an on-demand movie and entertainment service as part of a multiyear partnership with streaming service Sonic Solutions' (SNIC) Roxio CinemaNow. The deal, which included Best Buy acquiring warrants to purchase shares of Sonic Solutions' stock, also allowed Best Buy to embed the service on various electronic devices.
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by Rich Pike
Dec 15 · 10:13:00 AM · Source: Company News
Best Buy said Tuesday that its third-quarter net income increased to $227 million, or 53 cents a share, up from $52 million, or 13 cents, earned in the same period a year earlier. That prior period had a 22-cent charge. Third quarter sales increased 5% to $12.02 billion from $11.5 billion. Sales at locations open at least 14 months, a key industry-performance benchmark, rose 1.7%.
Margins, however, are under pressure as sales of low-cost laptops and lower priced flat panel TVs are dominating Best Buy sales.
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by Larry Etter
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