Major electronics retailer Best Buy reported revenues were flat year-over-year for the second quarter, with sales declines in the gaming segment helping to offset growth in mobile computing and other areas.
Major electronics retailer Best Buy reported revenues were flat year-over-year for the second quarter, with sales declines in the gaming segment helping to offset growth in mobile computing and other areas. The retailer's revenues of $11.35 billion for the three months ending August 27 were up only slightly from revenues of $11.34 billion for the same period last year. Gross profits were down 2 percent to $2.87 billion. Comparable store sales in the entertainment category, which includes video games as well as products like DVDs and CDs, were down 20 percent year over year. The company pointed out gaming as a specific area of decline in a release accompanying the earnings report. Things were much rosier in Best Buy's mobile computing sector, which includes tablet sales, with 9 percent growth in comparable store sales for the quarter. Sales of appliances and eReaders also saw robust growth, offset by declines in television, digital imaging and physical media sales. The entertainment area as a whole accounted for less than 9 percent of Best Buy's domestic business for the quarter, compared to 42 percent for computing and mobile phones.
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