Its been a good year for Best Buy Co., Inc (NYSE:BBY). The biggest win for the company was that their top competitor Circuit City went out of business and liquidated all of their stores. On top of that, Best Buy reported a 10% sales increase in the fourth quarter with a profit that was higher than expected. This happened in an economic environment that doesn’t favor retail companies.
“We prepared for reduced consumer spending, and we were pleased when the quarter finished stronger than it began,” stated Best Buy CEO Bradbury Anderson.
Best Buy had plans to expand upon their European business, but they will postpone this until later. The company’s home-office division had an 8.1% gain. Their mobile phone business had triple-digit store sales gains too.
What makes Best Buy an attractive place to work for at the corporate headquarters is their results-only work environment (ROWE). This philosophy still seems to be working well for them.