Best Buy Co., Inc. (BBY)’s holiday revenue report indicates that the company’s online sales rose 10 percent over last year’s online sales for the holiday shopping period. Shares of the company’s stock are up 7 percent in pre-market trades, continuing their rise from Thursday.
Best Buy Co., Inc. (NYSE:BBY) reports one major bright spot in its holiday revenue. The company’s online sales increased 10 percent over last year’s sales for the same period to $1.1 billion. The revenue results covered the nine weeks ending Jan. 5.
COMSCORE, Inc. (NASDAQ:SCOR) and Experian plc (LON:EXPN) both listed major milestones for Best Buy’s online business during the holiday season. ComScore listed the company as one of the “top three most trafficked websites for the Thanksgiving holiday and Black Friday.” Experian ranked the company’s site as the number three retail site on Cyber Monday, recording 9.3 million visits.
Best Buy reported $12.8 billion in total revenue for the nine weeks, which was slightly less than its $12.9 billion revenue report for the nine weeks ending Dec. 31, 2011. The company said sales in stores were mostly flat, although it did indicate positive comparable growth in store sales for appliances, e-readers, tablets and mobile phones. Those positives were offset by falling sales of TVs, computing devices and entertainment equipment.
Best Buy Co., Inc. (NYSE:BBY) President and CEO Hubert Joly said their Renew Blue strategy is all about stabilizing the company first and then improving sales in stores. “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 said in a company statement.
Shares of Best Buy Co., Inc. (NYSE:BBY) rose 7 percent in pre-market trades, continuing their upward climb from Thursday afternoon.