Best Buy Profit Down 41 Percent
Best Buy this week posted a profit of $146 million for the second quarter, down from $248 million the same time last year, as revenue dropped slightly to $8.9 billion.
Sales were also down 2 percent at comparable U.S. stores.
“Like other retailers and as reflected in this quarter’s performance, we continued to see a shift in consumer behavior: consumers are increasingly researching and buying online,” CEO Hubert Joly said in a statement.
“As a result, traffic to our brick and mortar stores continued to decline, yet our in-store conversion and online traffic continued to increase due to the execution of our Renew Blue strategy which is in direct alignment with this shift.