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Best Buy Reports 15% Surge in Q2 Entertainment Sales

29 Aug, 2017 By: Erik Gruenwedel

Best Buy Aug. 29 reported a 15.4% increase in second-quarter (ended July 30) same-store domestic entertainment revenue. The consumer electronics retailer posted an 18% decline during the previous-year period.

The entertainment category includes Blu-ray Disc and DVD movies, TV shows, music CDs, books, video games, hardware and technology toys.

Entertainment represented 6%, or $496.3 million, of domestic sales ($8.2 billion) in the quarter, compared with 5% ($394.4 million) of $7.8 billion in revenue a year ago.

“Our higher-than-expected [overall] comparable sales of 5.4% were driven by stronger consumer demand for technology products and by the strong execution of our strategy,” CEO Hubert Joly said in a statement. “Against a backdrop of continued healthy consumer confidence, we believe broad-based product innovation is resonating with consumers and driving higher spend. And, with our effective merchandising and marketing activities, combined with our expert advice and service available online, in-store and in-home — we are garnering an increasing share of those dollars.”

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