Financial Update: Best Buy Sales Flat from 2011 to 2012

Best Buy Co., Inc. today announced revenue of $12.8 billion for the nine weeks ended January 5, 2013 compared to $12.9 billion for the nine weeks ended December 31, 2011.

"One of the first priorities of our Renew Blue strategy is to stabilize and then begin improving our comparable store sales. During the most important period in the retail calendar - the holiday sales season - we were able to improve our Domestic comparable store sales trends compared to the performance of the last several quarters and continue our strong traffic growth in our online business. Our holiday selling strategy, backed by a compelling assortment, increased employee training and price match policy, allowed us to deliver these results," said Best Buy President and CEO Hubert Joly. "While it will be a journey with ups and downs, we are focused on becoming an increasingly effective multi-channel retailer and engaging with the tens of millions of consumers who shop us online and in-store," Joly added.

Best Buy's Domestic segment online channel delivered revenue of $1.1 billion, a 10 percent revenue increase compared to the prior-year period, driven by a traffic increase. Best Buy's strong online performance was recognized by various third parties, in particular:

• ComScore indicated Best Buy was in the top three most trafficked websites for the Thanksgiving holiday and Black Friday
• Experian data ranked Best Buy as the No. 3 retail website on Cyber Monday with 9.3 million visits

Domestic comparable store sales for the period were flat. The company recorded positive comparable store sales growth in mobile phones, tablets/eReaders and appliances. In contrast, comparable store sales in entertainment, televisions and computing declined.

The International segment comparable store sales decline of 6.4 percent was driven by comparable store sales declines in Canada and China. Sales results for all countries in the International segment other than Canada are reported on a one-month lag.

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