During the company's first-quarter conference call, Darren Jackson, Best Buy's chief financial officer, said that though the service branch of the business is growing, he warned that it is a "complex business" and that the retailer is "closer to the second inning than the seventh inning" in its roll out.

Geek Squad, for example, the company's computer-support business, is offered in all 75-plus Best Buy stores, however, its stand-alone units only number 12, with the company opening one in the last quarter. This year the retailer will increase the number of Best Buy stores with its high-end Magnolia Home Theater concept from 127 to 300 buy the end of the year.

Meanwhile, Best Buy opened 12 of its traditional stores during the quarter and increased the number of its Best Buy For Business units from 119 at the end of the fourth quarter to 145. Best Buy also added one Future Shop store in Canada, increasing its portfolio of those units to 119.

Year-over-year same-store sales at Best Buy rose 4.9% for the quarter, which ended on May 27. Net earnings rose 38%, to $234 million, and total sales were up 14%, reaching $7 billion. Management is predicting that earnings per share for the year will come in between $2.65 and $2.80.