Dallas, Texas 08/21/2013 (Financialstrend) – BBY is an e-Commerce and largest U.S. consumer retailer of consumer electronics in the United States, Europe, Canada and China. It was founded in 1966 and company’s headquarter is in Richfield, Minnesota. Its portfolio includes retail stores and call centers, and online retail operations under several brand names. The company changed its name to Best Buy Co., in 1983 and formerly it was known as Sound of Music Inc.
At the close of trading on August 20, 2013 the company’s stock was included in the list of 10 biggest volume gainers as approximately it reported a volume of 28.10 million shares, a 420.8% increase over its 65-day average volume and the company’s shares were up by 13% to $34.8 beating a two-year high, after the announcement of its fiscal Q2 results on August 20, 2013 which exceeds expectations for the quarter ended August 3, 2013. The company said that it cut its annual cost by $65 million in Q2 which brings its nine month total to $390 million.
Notably, Earnings per share were 32 cents minus one-time items which is much better than expected and it rose by 23% from the Q113. Company’s earnings in the U.S. were $266 million or 77 cents per share as compared to $12 million or 4 cents per share of Q113. Online sales rose 10.5% for the quarter ended August 3, 2013, while its revenue fell a little to $9.3 billion as compared to $9.34 of the last year.
The company said that it has settled a goal of cutting its annual expenditure up to $725 million and the plan also includes speedy online sales growth and with the use of store-within-a-store concept use of store footage for products by ALLPLE, Samsung and Microsoft (MSFT). To avoid losing sales to Amazon (AMZN) and others the company also added a price-matching policy.
