Best Buy: Third quarter financial reports
The debates on our next-gen consoles of choice are getting heated these days. And while you may, laugh, cry, or just shake your head at the arguments being thrown left and right over who’s winning, we picked up news on one group that’s laughing all the way to the bank, even as Sony, Nintendo and Microsoft duke it out for the holidays.
According to the dudes over at Gamasutra, retailer Best Buy has just announced their third quarter financial reports, and as we said earlier, it looks like the year’s been good to their entertainment software division – partly due to the massive PS3 and Wii launches we’ve seen in the past month.
According to the said financial, Best Buy accumulated a US$ 614 million in profits for the third quarter, as compared to the US$ 496 million it gained last year. This indicates a 24% gain in profits, or roughly US$ 150 million. In connection with this, Best Buy also reports revenues are up 16 percent to US$ 8.5 billion.
In light of this year’s optimistic figures, Best Buys attributed 17% of the sauces to its entertainment software group. The gain in turn was attributed to their sales of PS2 and Xbox 360 consoles, along with sales of PS3s and Wiis. As said by Best Buy CEO Brad Anderson:
While a very competitive climate put pressure on our margins, resulting in earnings below our original expectations, I continue to support the strategic choices we made. The market share gains we saw, and the new customers we acquired, give us momentum as we begin our fourth quarter, which generates the largest percentage of our earnings for the year.
Via Gamasutra
The debates on our next-gen consoles of choice are getting heated these days. And while you may, laugh, cry, or just shake your head at the arguments being thrown left and right over who’s winning, we picked up news on one group that’s laughing all the way to the bank, even as Sony, Nintendo and Microsoft duke it out for the holidays.
According to the dudes over at Gamasutra, retailer Best Buy has just announced their third quarter financial reports, and as we said earlier, it looks like the year’s been good to their entertainment software division – partly due to the massive PS3 and Wii launches we’ve seen in the past month.
According to the said financial, Best Buy accumulated a US$ 614 million in profits for the third quarter, as compared to the US$ 496 million it gained last year. This indicates a 24% gain in profits, or roughly US$ 150 million. In connection with this, Best Buy also reports revenues are up 16 percent to US$ 8.5 billion.
In light of this year’s optimistic figures, Best Buys attributed 17% of the sauces to its entertainment software group. The gain in turn was attributed to their sales of PS2 and Xbox 360 consoles, along with sales of PS3s and Wiis. As said by Best Buy CEO Brad Anderson:
While a very competitive climate put pressure on our margins, resulting in earnings below our original expectations, I continue to support the strategic choices we made. The market share gains we saw, and the new customers we acquired, give us momentum as we begin our fourth quarter, which generates the largest percentage of our earnings for the year.
Via Gamasutra