Minnesota based Best Buy, the largest electronics retailer in the United States, posted an 11% increase in revenue during the second quarter, but a drop in overall profits. There are a myriad of ways this could happen, even if it seems counter-intuitive; the most likely is that to draw in customers, Best Buy has had to decrease their profit margins; they’ve moved more items, but at a smaller profit. Whether this will lead Best Buy to more layoffs or restructuring is unknown at this time, but not entirely out of the realm of possibility, as forecasts continue to be mixed.
Nationally, retail sales were up for the month of August (when compared to July). This is good news, and another indicator that the Recession may be slowly (very, very slowly) winding to an end.