Online proves itself key to Best Buy’s Q1 growth
June 15, 2011 03:31 PM
Best Buy Co. Inc.’s U.S. online sales rose 12% year-over-year in its first fiscal quarter ended May 28, providing the major boost to its overall sales rise of 1.4%, the company says. “The online channel was key in driving growth,” the company says in a report on its Q1 financial results.
By comparison, domestic comparative store sales declined 2.4% while international comp store sales rose 0.4%, resulting in an overall decline in comp store sales of 1.7%. Best Buy includes as comp store sales all revenue from stores, contact centers and web sites operating for at least 14 full months.
Total sales in the quarter increased 1.4% to $10.9 billion, up from $10.8 billion in the year-ago period. The retailer didn’t break out online sales.
Best Buy, No. 11 in the Internet Retailer Top 500 Guide, said earlier this year that it expects to double online revenue over the course of the next three years, up from the more than $2 billion in web sales it reported last year, a spokeswoman says.