By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Minneapolis — Cost controls and improved operational efficiencies returned Best Buy to profitability in the third quarter.
Net earnings for the three months, ended Nov. 3, rose to $54 million, compared with a year-ago loss of $10 million.
But poor international sales were a drag on net revenues, which were flat at $9.3 billion. Comp sales also stalled due to offshore weakness, although the 0.3 percent increase was an improvement over last year’s 5.1 percent comp decline.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.
Minneapolis — Best Buy began airing a series of comic holiday commercials during last night’s broadcast of the World Series that touts the benefits of its brick-and-mortar stores.
The spots, featuring actors Will Arnett, LL Cool J, Maya Rudolph and Jason Schwartzman, highlight the chain’s multichannel capabilities and the advantages of its physical stores.
Minneapolis – Best Buy has begun taking pre-orders for Samsung’s Galaxy Gear smart watch.
The device, which was introduced earlier this month at IFA, must be ordered in-store within Best Buy’s Samsung Experience departments or stand-alone Best Buy Mobile shops for home shipment.
According to a Best Buy spokeswoman, the chain will offer the Galaxy Gear in at least five colors, including black, gray, orange, beige and gold.
Minneapolis — Best Buy has updated its 40 million-member Reward Zone loyalty program with a new name and stepped-up services.
The 10-year-old program has been renamed My Best Buy, and offers members such services as: free year-round standard shipping on orders of $25 or more; early access to special sales; exclusive offers; and member-only shopping events.
The program has also been more tightly integrated into BestBuy.com.
Minneapolis — Best Buy’s recent share gains in TV should continue through the holidays and beyond, a new analysis suggests.
Best Buy reported TV comp gains in the second quarter, with CEO Hubert Joly citing the shift to larger screen sizes and the concomitant increase in average selling prices (ASPs).
Minneapolis – Best Buy reported in an 8-K filing yesterday that Dick Schulze, chairman emeritus and founder of the chain, plans to sell shares of his personal common stock as part of a pre-arranged trading plan.
The filing said that the plan was designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the registrant's policies regarding stock transactions.
Minneapolis – Best Buy’s second-quarter profits rose over 2,000 percent to $266 million as cost cuts and stabilizing comp sales helped boost the bottom line.
But the company said short-term disruptions from the installation of Samsung and Microsoft in-store shops blunted sales during the period.
Total revenue slipped 0.4 percent to $9.3 billion and comp sales edged down 0.6 percent for the three months ended Aug. 3.
Best Buy is fighting fire with fire.
The No. 1 CE chain, which has been ceding share to online retailers, has updated its mobile app with a feature that encourages customers to visit its physical stores.
The new “check-ins” component is available to members of the company’s Reward Zone loyalty program, who can receive up to 10 bonus points by launching the program within a geo-fenced area at a compatible Best Buy location.
Englewood Cliffs, N.J. – LG proved the naysayers wrong Friday by announcing the deliveries of the first 55-inch curved OLED FullHD TVs to Magnolia customers.
LG officially launched the first 55-inch curved OLED TV through Best Buy’s flagship Magnolia Designer Center showroom last week. But some doubters had said production issues would the manufacturer from delivering the sets to customers for weeks or even months.