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.