Best Buy Q1 profit up, but misses Street
Minneapolis Best Buy Co. said Tuesday that its first-quarter profit inched up 1%, to $155 million from $153 million in the year-ago period, but results missed Wall Street expectations.
Sales for the quarter ended May 29 rose 7%, to $10.8 billion from $10.1 billion. Analysts expected revenue of $10.93 billion.
Same-store sales increased 2.8%.
“While our financial results in the fiscal first quarter were below expectations, we remain confident that the strategic investments we are making will deliver more robust connected solutions for customers and support increased margin expansion during the fiscal year,” said Jim Muehlbauer, CFO, Best Buy.
Best Buy said its customers bought more cell phones at its mobile unit in the first quarter, and notebook computer and appliance sales were strong as well. But the retailer said that while it sold more televisions, those sales were offset by price declines.
Let the sunshine …
Purveyors of private brands like to talk about how their products are as good as or better than the national brand equivalents. Well, in the case of Target’s Up & Up brand sunscreen it has corroboration for such a claim from the July issue of Consumer Reports. The magazine examined various sunscreens and found Up & Up Sport in SPF 30 to have the highest ranking as well as one of the cost per ounce. Other brands in the order of their ranking included Walgreens, Banana Boat, Aveeno, Coppertone, No-Ad, Neutrogena, Badger, La Roche-Posay, Avon and Burt’s Bees.
CFDA honors fashion’s best
NEW YORK The Council of Fashion Designers of America honored Marc Jacobs as womenswear designer of the year as wll as Marcus Wainwright and David Neville for Rag & Bone as the menswear designer of the year at its annual awards ceremony.
Other honors went to Alexander Wang, Michael Kors and the late Alexander McQueen.