Best Buy Posts Better-than-Expected Q1 Results
In its first quarterly earnings report of 2016, which ended April 30, Best Buy reported much better than expected results. The consumer electronics and appliance retailer experienced domestic comparable online sales growth of 23.9 percent, up from 5.3 percent during the same quarter a year ago.
During the most recent quarter, online sales accounted for 10.6 percent of Best Buy’s domestic revenue, or about $832 million—up from 8.5 percent and $671 million a year ago.
“We are investing to make it easy for customers to learn about and enjoy the latest technology as they pursue their passions and take care of what is important to them in their lives,” Best Buy CEO Hubert Joly said during the sales call, via Internet Retailer. “With our combination of digital, store and in-home assets, we feel we have a great opportunity to address key customer pain points, build stronger ongoing relationships with our customers and unleash growth opportunities.”