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Best Buy Sees Strong Appliance Sales Growth
Aug 23, 2013
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Appliances and electronics retailer Best Buy reported second quarter revenue of $9,300 million, compared to $9,339 in the second quarter of the previous fiscal year.

The second quarter of Best Buy's 2014 fiscal year ended on Aug. 4, 2013.

Best Buy said strong growth appliances, as well as in mobile phones, was partially offset by declines gaming, digital imaging, and other categories.

Comparable store sales were down 0.6% in 2Q of fiscal year 2014. In the domestic United States, Best Buy brick-and-mortar store sales were down 0.4% in the quarter, while online store sales were up 10.5%. Internationally, comparable store sales were down 1.8%.

Hubert Joly, Best Buy president and CEO, said the decline in domestic comparable store sales resulted from a short-term disruptions caused by the deployment of new Samsung Experience Shops, Windows Stores, and floor space optimization, as well as continuing rationalization of non-core businesses.

Joly noted that declining comparable store sales and declining operating margins were the two major problems given high priority at the company's investor meeting in November 2012. Efforts to mitigate these problems have been grouped under the Renew Blue banner.

"While we are clear there is much more work ahead, we have made measurable progress since we unveiled Renew Blue last year, including near flat comparable store sales, substantive cost take outs, and better-than-expected earnings in the past three consecutive quarters," Joly said.

In the retailer's domestic U.S. market, appliances made up 8% of revenues, up from 7% in the same quarter a year ago.

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