Additionally, 84% of Best Buy customers use digital channels throughout their shopping journey. Online sales expanded to 34% of Best Buy’s total domestic revenue and It saw 150% growth in its virtual interaction across video, chat and voice. “In FY23, we are leveraging our position of strength by continuing to invest in our future to deliver growth over the long term,” said Matt Bilunas, Best Buy CFO.Īs Best Buy seeks to build upon its strengths, below are three areas where the retailer noted strong omnichannel performance during its Q4 2022 earnings call. Online sales were at almost 40% of domestic revenue, yet Best Buy reached its fastest holiday delivery times ever, Berry said, shipping products to customer homes more than 25% faster than last year and two years ago. The biggest areas of investment were our new membership program, technology and Best Buy Health, all core to our future growth potential.”īest Buy’s comparable sales growth was 10.4% on top of 9.7% last year, with revenue up $8.1 billion over the past two years. “We are deliberately investing in our future and furthering our competitive differentiation which, as expected, impacted our Q4 profitability. “Q4 sales of $16.4 billion were impacted by more constrained inventory than expected, including some high-demand holiday items, and the temporary reduction in store hours in January due to Omicron-induced staffing challenges,” continued Barry. “In Q4, we drove improvement in year-over-year customer satisfaction metrics across almost all areas, particularly for in-store, online and chat experiences,” said Corie Barry, Best Buy CEO, in a statement. Best Buy’s fiscal fourth-quarter suffered from supply chain and staffing challenges, but its stocks still rose thanks to a bright long-term forecast.
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