“Best Buy recently posted solid second-quarter earnings that beat analyst estimates on both the top and bottom lines thanks to robust demand for Apple devices like the Apple Watch,” Leo Sun writes for The Motley Fool. “Last quarter, Best Buy’s revenue rose 0.8% annually to $8.53 billion, beating expectations by $240 million. Comparable-store sales climbed 3.8%, while the consensus estimate was for 1% growth. Non-GAAP earnings rose 17.6% to $174 million, or $0.49 per share, topping expectations by $0.15. Best Buy’s strong domestic sales, which climbed 3.9% to $7.88 billion, offset a 26% sales decline in its smaller international segment.”
“During the conference call, CEO Hubert Joly noted that… in the wearables segment, the Apple Watch was a standout performer during the quarter. Joly declared that “demand for Apple Watch has been so strong” that Best Buy now plans to sell Apple Watches at all 1,050 of its big-box stores and 30 of its Best Buy Mobile Stores by the end of September. That’s a big increase from its original plan to sell the device at 300 locations by this holiday season,” Sun writes. “Best Buy will also upgrade Apple’s shop-in-shops at 740 locations with new fixtures and display tables for phones, tablets, and computers. The upgrades have already been completed at 350 stores, and another 170 locations will be completed before the holiday season starts.”
Sun writes, “Tightening its relationship with Apple helps Best Buy stay relevant against online-only competitors.”
Read more in the full article here.
MacDailyNews Take: We can think of better things worth saving than freakin’ Best Buy, but if they’re going to carry Apple products and do it the right way (for a change), then more power to ’em!
SEE ALSO:
Apple Watch primed for mainstream appeal with full-scale Best Buy rollout – August 26, 2015
Best Buy CEO: Apple Watch demand is ‘so strong’ that we’re expanding sales to all 1,050 stores – August 25, 2015
The Apple Watch experience: Greater than the sum of its parts – August 20, 2015
Apple Watch owners vastly prefer Apple Watch to iPhone for Apple Pay – August 18, 2015
Apple stock halts slide as Best Buy begins selling Apple Watch in stores and online – August 7, 2015