Best Buy Reports 10.5% Increase In Online Sales

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Best Buy reported an increase in online sales of 10.5% reaching $477 million for its second quarter which ended Aug. 3, according to a press release.

The increase in online sales Best Buy reported is attributed to increased traffic and higher average order value including  a new gaming console pre-orders which the company does expect to ship or recognize revenue until its fourth quarter, comparable online demand increased over 16%.

Hubert Joly, Best Buy president and CEO said Best Buy made significant progress in its Renew Blue priorities including the piloting of its “buy online – ship from store”  initiative in 50 Best Buy stores, according to the press release.

Best Buy saw a revenue of $7.81 billion, an increase of 0.1% since last year. The gross profit rate reached 27.4% versus 24.3% last year.

International revenue of $1.49 billion declined 2.9% versus last year, according to the earnings report.  International gross profit rate was 22.3% versus 23.8% last year.

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