Best Buy's third-quarter online sales fell 10.1% year-over-year

Recently, Best Buy announced that its online revenue in the U.S. market was US$3.44 billion in the third quarter ending October 30, 2021, compared with US $3.82 billion in the same period last year , a year-on-year decrease of 10.1% at comparable prices . The proportion of online revenue also fell to about 31.3% of total domestic revenue, compared with 35.2% in the same period last year.

But its online sales in the third quarter increased by 145.7% compared with two years ago. Last year, due to the impact of the COVID-19 epidemic, the e-commerce market expanded rapidly, and its online sales in the third fiscal year increased by 173.7% compared with the previous year.

During a Nov. 23 earnings call, Best Buy CEO Corie Barry said same-day delivery orders were up 400% compared with the same period last year.

For same-day delivery, Best Buy employs delivery providers such as Instacart, as well as its own employees, to deliver from about 400 stores. About 60% of Best Buy customers live within 10 miles of a delivery location, Barry said.

During the conference call, Barry said stores are an important part of the electronics and appliance retailer's online operations. In the third quarter, customers generated 42% of online orders in stores, and a third of online orders were self-ordered by customers.

Barry also said Best Buy experiences varying degrees of inventory and supply chain challenges every holiday season, and this year is no exception. But despite this, the retailer entered the fourth quarter with 15% more inventory than the same period last year.

Best Buy reported total U.S. revenue (online and offline) of $10.99 billion, up 1.2% from $10.85 billion last year. The increase was primarily due to a 2.0% increase in comparable sales.

Globally, Best Buy 's third-quarter revenue for the most recent quarter was $11.91 billion, up about 0.5% from $11.85 billion in the same period last year. Net profit was $499 million, up 27.6% from $391 million in the same period last year. Operating income was $670 million, up 19.4% from $561 million in the same period last year.

Meanwhile, for the nine months ending October 30, 2021, Best Buy reported enterprise-wide revenue of $35.4 billion, up 16.7% from $30.3 in the same period last year. Net income was $1.83 billion, up 86.2% from $982 million in the same period last year. Operating income was $2.24 billion, up 64.7% from $1.36 billion in the same period last year.

North American e-commerce

Online Marketplace

Best Buy