Showing posts with label Finance. Show all posts
Showing posts with label Finance. Show all posts
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Best Buy's (BBY) First-Quarter Profit Income Falls
Best Buy's First-Quarter Profit Income Falls - Best Buy Co.'s (BBY) fiscal first-quarter profit rose a disappointing 1.3% as sales rebounded slightly from last year's weak levels but spending tied to new stores and other growth initiatives was higher than expected.
The biggest U.S. consumer-electronics retailer by sales reiterated its financial view for the year and estimated it gained one percentage point of market share from a year earlier in what's typically Best Buy's smallest quarter of the year.
Sales during the company's fiscal 2011 first quarter rose 6.9% to $10.8 billion, from $10.1 billion a year earlier, falling short of Wall Street's forecast of $10.9 billion. In last year's previous quarter, the company's profits reached $153 million, or 36 cents per share, and 42 cents per share on an adjusted basis.
Revenue climbed 6.9% to $10.79 billion, while same-store sales--or revenue at stores, call centers, and websites operating for at least 14 full months--climbed 2.8% after a 6.2% drop a year ago.
The first quarter is seasonally Best Buy's weakest for sales and was expected to represent only about a fifth of sales and less than 15% of net income for the year.
Gross margin rose to 25.9% from 25.3%--slightly better than analysts expected--on what Best Buy called increased promotion effectiveness and strength at Best Buy Mobile.
Best Buy reported earnings of only $155 million, or 36 cents per share, well below the 50 cents per share the Street expected.
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Police have arrested 178 in Europe and the US global credit card scam
Police have arrested 178 in Europe and the US global credit card scam - Police have arrested 178 people in Europe and the United States suspected of cloning credit cards in an international scam worth over 20 million euros or about $24.52 million, Spanish police said on Tuesday.
Police in fourteen countries participated a two-year investigation, initiated in Spain where police have discovered 120,000 stolen credit card numbers and 5,000 cloned cards, arrested 76 people and dismantled six cloning labs.
The raids were made primarily in Romania, France, Italy, Germany, Ireland and the United States, with arrests also made in Australia, Sweden, Greece, Finland and Hungary.
The detainees are also suspected of armed robbery, blackmail, sexual exploitation and money-laundering, the police said.
(Reporting by Itziar Reinlein; Writing by Tracy Rucinski; Editing by Matthew Jones)
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