For its second quarter, Best Buy reported a 12% increase in revenues to $11bn (£6.7bn). Sales were lifted by the inclusion of Best Buy Europe’s revenue and gains from the addition of 170 new stores over the past year.

Revenue gains were partially offset by a like-for-like sales decline of 3.9% and the unfavourable impact of foreign currency fluctuations. The retailer noted that enterprise like-for-like sales trends improved sequentially each month during the quarter. Sales at Best Buy’s domestic business rose nearly 2% to $8.3bn (£5.1bn) during the quarter, although like-for-like sales were down 3.1%.

Topics