August 28, 2018
Best Buy Aug. 28 reported 8.5% same-store entertainment sales increase in second quarter (ended Aug. 4) – down from 15.4% sales increase in the previous-year period.
The entertainment segment, which includes myriad products such as DVD/Blu-ray Disc movies, video game hardware and software, books, music CDs and computer software, generated 7% ($604.7 million) of Best Buy’s domestic revenue in the quarter compared to 6% ($1.27 billion) last year.
Internationally, entertainment same-store sales increased 14.3%, generating $44.4 million (6%) of revenue. That compared to 0.5% increase and revenue of $33.4 million (5%) last year.
Best Buy’s legacy CE unit saw 6.8% increase in domestic same-store sales, up from 2.5% increase last year. Revenue remained relatively flat at $2.76 billion compared to $2.64 billion last year.
“Our comparable sales growth was helped by the favorable environment in which we operate and driven by how customers are responding to the unique and elevated experience we are building,” CEO Hubert Joly said in a statement. “We are particularly encouraged with the continued progress of our … continued market share gains. We are excited about the progress we are making on the implementation of our Best Buy 2020 strategy and the opportunities in front of us.”