Best Buy opened 20 stores during the quarter, including seven 45,000-sf units, 12 30,000-sf units and one 20,000-sf store. The company also closed six of its Magnolia Audio Video stores.
Best Buy's best-performing product sales were in the entertainment-sales category, which had a 9.3% same-store revenue jump and accounted for 16% of all products sold. Appliance sales fell 7.1% year over year, due to the slump in the housing market, executives say.
Best Buy's revenue for the second quarter, which ended Sept. 1, hit just under $8.8 billion, up 15%. For the remainder of the year, management is forecasting a 3% to 5% year-over-year same-store sales gain.
Best Buy ended the quarter with 872 Best Buy units, 15 Pacific Sales showrooms, 13 Magnolia Audio Video stores, and seven Geek Squad stand-alone stores in the US. It also operates 126 Future Shop stores and 48 Best Buy stores in Canada, and 142 Five Star stores and one Best Buy store in China
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