Earning briefs for June 21, 2004

Monday, June 21, 2004 | 10:58 a.m.

Revenue climbs

MINNEAPOLIS -- Best Buy Co. Inc. reported first-quarter earnings of $114 million as the nation's biggest consumer electronics chain saw its revenue climb 17 percent.

Best Buy said that it earned 34 cents a share in the three months ended May 29 in contrast to a loss of $25 million, or 8 cents a share, during the same quarter last year -- a loss due mostly to the Musicland business that it no longer owns. The company said that without Musicland, earnings for the first quarter last year would have been 21 cents a share.

Chain's profit rises 16 percent

DEERFIELD, Ill. -- Walgreen Co., the largest U.S. drugstore chain, said third-quarter profit rose 16 percent, helped by more prescription sales and improved gross margins.

Net income climbed to $344.6 million, or 33 cents a share, from $296.1 million, or 29 cents, a year earlier, the Deerfield, Ill.-based retailer said today in a statement. Sales in the period ended May 31 rose 15 percent to $9.58 billion.

Chief Executive David Bernauer, 60, pushed services such as digital photo developing to increase margins and attract more customers from rivals including CVS Corp. Prescription sales rose 17 percent as Walgreen expands in states such as Florida and Texas with a growing number of retirees.