Best Buy Narrows Q4 Entertainment Sales Decline22 May, 2014 By: Erik Gruenwedel
Best Buy Corp. May 22 reported a 5.6% decline in same-store entertainment sales for the fourth-quarter (ended Feb. 1). The drop in sales of video games, music and movies was less than the 18.9% decline in same-store sales during the previous-year period.
Best Buy’s comparable store sales are comprised of revenue at stores, websites (including CinemaNow) and call centers operating for at least 14 months, as well as revenue related to other comparable sales channels. Entertainment represented 11% of Best Buy’s domestic revenue compared to 12% last year.
For the quarter, the Minneapolis, Minn.-based consumer electronics retailer reported domestic operating income of $393 million, which was down from $650 million in operating income last year. Revenue dipped slightly at $12.2 billion.
Internationally, Best Buy reported Q4 operating income of $76 million compared to a loss of $831 million last year. Same-store entertainment sales increased 0.6% compared to a 17.8% decline last year. Entertainment represented 11% of revenue compared to 10% last year.