August 24, 2021
Best Buy Aug. 24 reported a 36.4% increase in entertainment segment revenue for the second quarter, ended July 31. The unit, which includes products such as DVD/Blu-ray Disc movies, video game hardware and software, books, music CDs and computer software, generated revenue of $550 million, compared with revenue of $403 million in the prior-year period.
CEO Corie Barry attributed the increase to comparison with an “unusual quarter last year” as stores were limited to curbside service or in-store appointments for roughly half the quarter.
“The [consumer] demand was bolstered by the overall strong consumer spending ability, aided by government stimulus, improving wages and high savings levels,” Barry said in a statement.
Based the double-digit same-store sales increases throughout the company, CFO Matt Bilunas said management was raising the fiscal outlook for the year.
“For the second half of FY22, we expect our comparable sales to be in the range of flat to down 3% versus last year, compared to our previous annual outlook that implied a high single-digit decline,” Bilunas said.