Global electronics giant Best Buy delivered better-than-expected Q2 results with comparable sales growth of 1.6%.
Sales for the quarter totalled $9.54 billion, while adjusted operating profit increased by $30 million to $382 million. Best Buy CEO Corie Barry said profitability was primarily driven by strong expense management and cost reduction and efficiencies.
The best results for the quarter came from online sales in the US, which grew 17.3% to $1.42 billion. The company attributed the increase to higher average order values and increased traffic.
In the international segment, comparable sales declined 1.9% to $715 million, mostly due to soft macroeconomic conditions in Canada.
Sales for the quarter totalled $9.54 billion, while adjusted operating profit increased by $30 million to $382 million. Best Buy CEO Corie Barry said profitability was primarily driven by strong expense management and cost reduction and efficiencies.
The best results for the quarter came from online sales in the US, which grew 17.3% to $1.42 billion. The company attributed the increase to higher average order values and increased traffic.
In the international segment, comparable sales declined 1.9% to $715 million, mostly due to soft macroeconomic conditions in Canada.
