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Best Buy achieves a record profit of 625 million in its second fiscal quarter

The American retail chain specialized in electronics Best Buy closed the second quarter of its fiscal year, ended on July 31, with a net profit of 734 million dollars (625 million euros), which is equivalent to an increase of 69, 9 percent compared to the same period of the previous year, reported the company, which has revised up its annual forecasts.

Best Buy’s turnover between May and July reached 11,849 million dollars (10,102 million euros), 19.6 percent more than in the second quarter of the previous year, with a growth of 20.6 percent. domestically, up to 11,011 million dollars (9,387 million euros), while the international business reported revenues of 838 million dollars (714 million euros), 7.2 percent more.

“Today we are reporting record second quarter results,” said Corie Barry, CEO of Best Buy, noting that the company’s revenue from the same quarter before the pandemic increased 24 percent.

Thus, in the first half of its fiscal year, the US chain obtained a net profit of 1,329 million dollars (966 million euros), 125 percent above the profits recorded a year earlier, while its sales increased 27.1 percent, up to 23,486 million dollars (20,023 million euros).

The Best Buy CEO highlighted strong customer demand for technology to meet their needs to work, learn, play, cook and connect from home, as well as the added positive effect of strong overall consumer spending capacity. , “helped by government stimuli, improved wages and high levels of savings.”

For the year as a whole, the multinational has revised up its expectations of results and expects to reach a turnover of between 51,000 and 52,000 million dollars (43,420 and 44,272 million euros), with a comparable increase in sales of between 9 percent and 11 percent, when you previously expected an increase of between 3 percent and 6 percent.

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