Best Buy March 2 reported fourth-quarter (ended Jan. 23, 2023), entertainment revenue of $1.21 billion, which was up $2 million from the previous-year period.
The segment, which includes products such as DVD/Blu-ray Disc movies, video game hardware and software, books, music CDs and computer software, saw comparable store sales increase 0.2%, compared with a 9.5% drop in the previous-year period.
Overall, the nation’s largest consumer electronics retailer realized a $1.46 billion decline in domestic quarterly revenue to $13.5 billion, from $14.9 billion in the prior-year period. For the fiscal year, sales dropped almost 11% to $42.8 billion, from $47.8 billion in the previous fiscal year.
“We believe the macro and industry backdrop will continue to be pressured in FY24 and we will continue to adjust,” CEO Corie Barry said in a statement. “At the same time, we remain incredibly excited about our industry and our future — there are more technology products than ever in peoples’ homes, technology is increasingly a necessity in our lives, and technology innovation will continue.”
CFO Matt Bilunas said the comparable sales outlook decline from 3% to 6% for the year is expected to improve after the first quarter.
“Most year-over-year [sales] comparisons [should] ease through the year,” Bilunas said.
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