Best Buy releases new quarterly financial report! US online sales fell 14.7%!

It is learned that on August 30, Best Buy announced its second-quarter financial results ending July 30, 2022. As consumers focused on groceries and oil, demand for electronic products weakened, and the company's revenue this quarter was US$10.329 billion, a decrease of 12.8% from the same period last year (US$11.85 billion); net income was US$306 million, a decrease of 58.3% from the same period last year (US$734 million).

The financial report shows that in the second quarter, Best Buy's online sales in the US market were US$2.97 billion, a decrease of 14.7% compared with the previous quarter. The company reported that although online revenue declined, it was still nearly double that of the same period in 2019.

Best Buy CEO Corie Barry said that after the epidemic, Best Buy's customers' shopping behavior has changed. In the second quarter, online revenue accounted for about 31% of its total US revenue.

Best Buy also reported its operating income for the past six months. For the six months ending July 30, Best Buy's revenue was $20.98 billion, down 10.7% from $23.49 billion in the same period last year; net income was $647 million, down 51.3% from $1.33 billion in the same period last year.

In addition, Best Buy's gross profit margin in the U.S. market was 22.0% in the past six months, down from 23.7% in the same period last year. The company said the decrease in gross profit margin was due to reduced sales profits and increased marketing activities and supply chain costs.

Corie Barry further stated that at present, the consumer electronics industry is still unstable. In the future, as consumers shift their spending back to "experience areas" such as travel and entertainment, Best Buy will face more severe challenges.

Editor ✎ Nicole/

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