Strong sales of mobile phones, tablets and headphones helped Best Buy post quarterly profit and sales that beat expectations.
As Fred Katayama reports, its investment in its e-commerce operations is paying off.
Best Buy bucks holiday sales trend
Best Buy bucking the trend with strong holiday shopping results.
Quarterly profit and sales rose and beat analysts expectations as consumers snapped up mobile phones, tablets and headphones.
Best Buy's strategic shift to bolster its e-commerce operations is paying off.
It has tweaked its app and added services such as next-day delivery and pick-up-in-store.
As a result, domestic online sales rose 19%, and that now accounts for a quarter of the company's revenue.
Its physical stores did well, too, with same-store sales rising more than 3%.
Best Buy's report card contrasts sharply with the lackluster results posted by other brick-and-mortar retailers such as Macy's, Kohl's, Target and Walmart.
Online giant Amazon recorded record sales.
Looking ahead, Best Buy expects comparable sales of flat to 2% in the current fiscal year.
That includes its estimate of the impact of the coronavirus outbreak.
It says the coronavirus has disrupted its supply chain but it sees the outbreak as a "relatively short-term disruption."