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Best Buy Europe sales up 2% in Q3

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US-based electricals retailer Best Buy has today reported a two per cent rise in sales for its European operations, in third quarter results.

Its domestic sales fell five per cent in comparison but gross profit in the US was still higher year-on-year in the three months to November 28th.

Total group revenues reached $11,890 million (£7,517 million) during Q3 and gross profit as a percentage of revenue rose to 25.1 per cent from 24.5 per cent the year before.

Brian Dunn, CEO of Best Buy, commented: “I am grateful for the hard work and dedication of our employees in the start of the holiday shopping season.

“While sales were lower than we expected during the quarter, I’m pleased with our strong store execution, solid gross margin expansion and efforts to control costs.

“I’m confident that our employees will continue to deliver great experiences that help our customers select the best gifts for their friends and family this holiday season.”

Strong trading for Best Buy Europe in Q3 was attributed to strong demand for smartphones and the retailer’s stores in the UK have exclusively been stocking the new Nexus S phone from Google and Samsung.

The retailer’s international segment doubled operating income in Q3, improving rate by 70 basis points year-on-year to 1.4 per cent.

Published on Tuesday 14 December by Editorial Assistant

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