Best Buy, the largest U.S. specialty electronics retailer, was the S&P 500's biggest gainer after reporting a better-than-expected fiscal Q4 comparable U.S. sales gain and once again showing it can remain relevant in the age of Amazon.
Share to twitterBest Buy's shares jumped 17% on Wednesday after its U.S. comparable sales topped expectations. Best Buy's shares jumped 17% on Wednesday, making the company the S&P 500's biggest gainer, after the largest U.S. specialty electronics retailer reported a better-than-expected fiscal Q4 comparable U.S. sales gain and once againComparable sales in the quarter that ended Feb. 2 rose 3% in the U.S.
In another positive sign, with Best Buy's employees key to helping it engage customers, Joly said the turnover rate was at “new record lows.”has introduced price-matching guarantees and over the holiday season offered free shipping on all orders to keep customers from shopping on Amazon or with its larger brick-and-mortar rivals including Walmart and Target.
Meanwhile, its free in-home consultation service, also unveiled last year, has made some 175,000 in-home visits, and the revenue per order from those interactions continues to be higher than either in-store or online and typically translates to higher margins, Joly said. He also called outs October purchase of GreatCall, provider of Jitterbug mobile phones and connected services for seniors, as another growth driver to capitalize on the demands of the growing U.S.
“We like our approach through a more consultative approach,” he said. “Our ability to go to people’s homes gives us a unique opportunity. … We are developing a holistic in-home strategy to further differentiate Best Buy.”
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