Best Buy 2Q net income jumps 60 pct on sales rise

Growth in Best Buy Co.'s expanding cell phone business helped the electronics retailer's second-quarter net income jump 60 percent, the company said Tuesday.

Best Buy sounded an optimistic note about the holiday season and raised its guidance for the year. Its shares rose 6 percent.

CEO Brian Dunn said shoppers are still "highly selective" in their spending.

"We believe, however, that this will change in our favor over the back half of the year," he said. "Customers traditionally rotate their spending to our categories during the holiday shopping season and a strong lineup of products coming across the board reinforces our confidence."

Read Full Article from The Associated Press

- Posted: 2010-09-14 21:52:40

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