Best Buy Profit Falls
Richfield, Minn. Best Buy Co. said Wednesday its fourth-quarter earnings slipped 3% as customer traffic slowed after the holidays.
The company said its profit fell to $737 million in the quarter ended March 1, from $763 million last year.
Revenue rose 4% to $13.42 billion from $12.9 billion a year ago.
Sales at stores open at least 14 months declined 0.2% in the quarter, despite growth in sales internationally. The decline at U.S. stores was 0.9%.
Interim CFO Jim Muehlbauer said Best Buy is planning for a “soft consumer environment in the near-term,” and that it is counting on second-half growth to offset “modest declines” in the first half.
Best Buy said it expects comparable store sales to grow 1% to 3% for the year, with the fastest growth at its international stores.
For the full year, Best Buy earned $1.41 billion, up from $1.38 billion during the prior year. Revenue rose to $40 billion from $35.9 billion a year ago.
Syntax names interim cfo
TEMPE, Ariz. Syntax-Brillian, a leading manufacturer and marketer of LCD HDTVs, digital cameras, and consumer electronics products, has announced that Bradley Lines has been appointed to the position of interim cfo effective March 24. Lines has been serving as the firm’s senior vp of finance and corporate treasurer. He will replace Jack Hodgson, who has resigned as evp, cfo and director to pursue other opportunities.
Mr. Lines joined Syntax-Brillian in May 2007 and becoming senior vp of finance and corporate treasurer in November 2007. He will report directly to James Li, president and ceo, and will direct and oversee Syntax-Brillian’s worldwide financial management and accounting activities.
“Brad’s deep understanding of Syntax-Brillian and his global perspective make him the perfect choice for cfo and a major asset for all Syntax shareholders,” said Li. “We thank Jack for his contributions and wish him the best in his future endeavors.”
Curren to head ACCO’s Day-Timer business
LEHIGH VALLEY, Pa. ACCO Brands has named Martha Curren vp and general manager of its Day-Timer brand business for the U.S., Canadian and international marketplace.
Curren served as president of Goebel of North America from 2005 to 2008. Prior to that she served as president of Lenox Collections since 1998.
“I am very pleased to be leading a team of caring and knowledgeable professionals at Day-Timers. I look forward to developing a collaborative environment that will build upon the traditional level of quality and service our customers expect while we move forward with creating innovative new products to appeal to ever changing customer needs. Continuing to build value added relationships with current consumers and trade customers is a high priority,” said Curren.