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Daily News

Best Buy U.S. Appliance Comps Up Almost 17% Over Holidays
Jan 27, 2014
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Appliances had an improved holiday season at retailer Best Buy in the most recent holiday season, compared to the previous year's holiday season.

In the Domestic Segment (United States stores), Appliances made up 5% of the chain's revenue mix in the nine-week period that ended Jan. 4, 2014, compared to 4% in the nine weeks that ended Jan. 5, 2013.

Domestic Appliance comparable store sales were up 16.9% in the most recent holiday season. Appliance comps were up 10.7% during the previous year's holiday season.

In the International Segment, Appliances made up 13% of the revenue mix during the most recent holiday season, up from 12% in the previous year's holiday season.

Internationally, Appliance comparable store sales were up 6.2% in the most recent holiday season. Appliance comps were down 12.3% during the previous year's holiday season.

Total Best Buy revenue for the nine-week period that ended Jan. 4, 2014, was $11,451 million, down from $11,751 million in the nine weeks that ended Jan. 5, 2013.

Hubert Joly, Best Buy president and CEO, said price competitiveness was "table stakes" during the most recent holiday season, and that Best Buy made the investment into being price-competitive in order to defend is market share.

"This investment in pricing did come with a higher-than-expected cost, and we now estimate our fourth quarter non-GAAP operating income rate will be 175 to 185 basis points lower than last year," Joly said.

However, he added, this price competitiveness and the retailers improved customer experience gave it a market share gain in an industry that, according to NPD, declined during the holiday period.

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