In all, the company booked $12.8 billion in revenue, slightly down from the $12.9 billion it reported for the nine weeks ended December 31, 2011.
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Best Buy says store sales were essentially flat. The company did record positive comparable store sales growth in mobile phones, tablets, e-readers and appliances, but they were offset by declines in sales of entertainment, televisions and other computing devices.
Traffic to its online channels, however, increased significantly, leading to a 10 percent increase in revenue from its Domestic segment online channel compared to the prior-year period. In all, the online channel contributed $1.1 billion in sales during the end-of-year holiday period.
Best Buy president and CEO Hubert Joly commented:
“One of the first priorities of our Renew Blue strategy is to stabilize and then begin improving our comparable store sales.
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.”
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