Best Buy reports solid growth
Best Buy in the US reported another quarter of solid growth. According to the Wall Street Journal, “Same-store stores rose 6.2% in the second quarter, its sixth straight quarter of gains. Online sales rose 10%, slower than previous quarters. In the past five years, Best Buy has doubled its online sales, which now are about 15% of its total annual US sales.” Looking at the retailer's online performance in context with its 1,000 store footprint, U$244 million profit during the quarter, and $9.4 billion revenue, some quick math tells us that this translated into a contribution of about 1.5% towards its annual overall growth. The creation of a truly omni-channel business model has been an important factor inBest Buy’s success.