November 20, 2018
Best Buy is looking good heading into Black Friday (Nov. 22).
The CE retailer Nov. 20 reported 12.4% increase in third-quarter (ended Nov. 3) same-store entertainment sales, compared to 4.1% increase in the previous-year period.
The entertainment segment, which includes DVD/Blu-ray Disc movies, video game hardware and software, books, music CDs and computer software, generated 6% ($525.3 million) of Best Buy’s domestic revenue in the quarter compared to 6% ($509.5 million) last year.
Internationally, entertainment same-store sales increased 10.8%, generating $58.4 million (7%) of revenue. That compared to 7.8% increase and revenue of $49.7 million (6%) last year.
Best Buy’s legacy CE unit saw 3.7% increase in domestic same-store sales, up from 3.5% increase last year. Revenue remained relatively flat at $2.71 billion compared to $2.63 billion last year.
The nation’s largest consumer electronics retailer remains upbeat heading into Black Friday and the winter retail season.
“The holiday season is here, and our team has put together a best-in-class assortment, prepared an amazing set of deals, and ensured we have great inventory availability across all the product categories we carry,” CEO Hubert Joly said in a statement. “In addition, we have continued to enhance our digital shopping experience and further improved our shipping speed, allowing us to delight customers with fast and free delivery.”