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Best Buy Reports Q1 Results
Jun 3, 2004
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Appliance retailer Best Buy Co., Inc. reported that revenue rose 17 percent to U.S. $5.5 billion for the fiscal quarter ended May 29, 2004, compared with $4.7 billion for the first quarter of 2003.

According to the retailer, the revenue increase was driven by the addition of 84 stores in the past 12 months and a comparable store sales gain of 8.3 percent. The comparable store sales gain was led by strong gains in sales of digital televisions, DVD movies, digital cameras, notebook computers, and MP3 players.

Best Buy reported appliances sales accounted for 6 percent of total revenue in the first quarter and achieved a high-single-digit comparable store sales gain. Store employees generated strong results with front-load laundry products due to differentiated brand offerings and consumer interest in new technology. The company also saw a positive start to seasonal sales of air-conditioning and refrigeration equipment. The launch of next-day delivery, available 7 days a week at U.S. Best Buy stores, also contributed to higher revenue in the category.

The company reported consumer electronics sales accounted for 37 percent of total revenue and recorded a high-single-digit comparable store sales gain, as the appeal of advanced televisions (such as plasma, LCD and digital televisions) continued to increase.

The home office category also posted a comparable store sales gain in the high single digits, with comparable store sales of computers rising in line with the total category. Consumers continued to be attracted by the portability of notebook computers, while also recognizing the important role of the desktop computer as a media server. Comparable store sales of MP3 devices showed triple-digit growth.

The company opened 11 U.S. Best Buy stores during its fiscal first quarter, including three of its 45,000-sq-ft stores, five of its 30,000-sq-ft stores and three of its 20,000-sq-ft stores. The company currently operates 619 U.S. Best Buy stores and 22 Magnolia Audio Video stores in the U.S., and 109 Future Shop stores and 19 Canadian Best Buy stores in the international segment.

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