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Best Buy Reports Net Income Of $266M

|Includes: AMZN, Best Buy Co., Inc. (BBY)

Originally published at www.seclive.com

Best Buy Company, Inc. (NYSE:BBY) announced its financial results for the second quarter of fiscal year 2013, reporting net income of $266M. Last year this quarter the company reported $12M, with $0.04 earnings per share, as opposed to $0.77 per share this quarter. Comparable-store sales dropped 0.6%, a substantial move in the right direction from last year's 3.3%. Best Buy has been exploring ways to increase profitability, by cutting costs and seeking efficiency gains. The company reported it cut $65M in costs this quarter while also reporting a $30M profit gain from legal settlements that occurred this quarter. In a bid to remain competitive with other companies like Amazon (NASDAQ:AMZN), CEO Hubert Joly reduced prices to stimulate increased store traffic.

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