May 27, 2021
Bolstered by government stimulus programs and the strong housing environment, Best Buy May 27 reported a 32% jump in same-store domestic entertainment revenue for the first quarter (ended May 1), up from a 9.5% increase in the previous-year period.
The entertainment segment, which includes products such as DVD/Blu-ray Disc movies, video game hardware and software, books, music CDs and computer software, saw same-store sales increase $152.6 million to $650.4 million, compared with a $48 million increase to $554 million during the previous-year period. Online sales grew 7.6% ($254.2 million) to $3.6 billion, and made up 33.2% of total $10.8 billion in domestic sales.
“The year has clearly started out much stronger than we originally expected,” CFO Matt Bilunas said in a statement.
CEO Corie Barry said customer demand for technology products and services during the quarter was “extraordinarily” high.
“This demand is being driven by continued focus on the home, which encompasses many aspects of our lives including working, learning, cooking, entertaining, redecorating and remodeling,” Barry said.