Bestbuy Earnings at $644 Million, Xbox 360 the Reason?

Bestbuy is reporting a positive growth for this quarter which analysts contribute to the launch of the Xbox360 regardless of the shortage. The boost in consumers flooding Bestbuy stores in search of 360 related products is considered the largest contributing factor. Bestbuy however is claiming that the positive growth in popularity is due to sales on flat panel televisions, MP3 players, and notebook computers.

Income came in at an astounding $644 million (16% increase to $10.7 billion) over the previous quarter earnings. Comparable stores also felt an increase in consumer spending leading to a 7.3% over all increase in sales.

Analyst Scott Mlynek said, “The strength of the digital product cycle is lifting all boats, but it’s lifting Best Buy more because they have the service offering and they’re a better-run company.”

Bestbuy is reporting a positive growth for this quarter which analysts contribute to the launch of the Xbox360 regardless of the shortage. The boost in consumers flooding Bestbuy stores in search of 360 related products is considered the largest contributing factor. Bestbuy however is claiming that the positive growth in popularity is due to sales on flat panel televisions, MP3 players, and notebook computers.

Income came in at an astounding $644 million (16% increase to $10.7 billion) over the previous quarter earnings. Comparable stores also felt an increase in consumer spending leading to a 7.3% over all increase in sales.

Analyst Scott Mlynek said, “The strength of the digital product cycle is lifting all boats, but it’s lifting Best Buy more because they have the service offering and they’re a better-run company.”