Best Buy Profit Drops

Best Buy Profit Drops


Best Buy on Tuesday reported a profit that dropped 15 percent from the same period the year before, as the "Circuit City effect" proved short-lived.

The company posted a profit of $123 million, down from the previous year’s $179 million. The company’s revenue actually rose to just over $10 billion, with mobile phones and laptop computers among growth categories.

According to the AP, the performance was actually ahead of analyst predictions.

The quarter was the first full one following the exit from the market of the chain’s former rival, Circuit City. It also marked the final full quarter at the helm for longtime CEO Brad Anderson, who will be replaced later this month by Brian Dunn.