Wall St. has pressed up Best Buy shares to more than double their value since the beginning of the year. The price is still well below where it was two and five years ago. Investors are willing to gamble on a turnaround, but they not been sold on the notion that the retailer can ever get back to its glory days. It will take two or three quarters of impressive earnings and certainly significant same-store sales for any turnaround to show the most modest progress.
Same-store sales are of two kinds. The first is based in-store traffic patterns. The second is that some stores in its far-flung network must, like any other retail, be highlighted by those which are highly profitable and stores which are barely profitable or continue to lose money. So over the next two quarters management will have to show that it has the guts to move out of were it does not currently make and, in many cases, will not ever make money
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