Best Buy's sales in the first quarter increased by 36%, and electronic products were the hottest sel

Introduction: Best Buy in the United States released its first quarterly report.

Recently, Best Buy in the United States released its financial report for the first quarter. The data showed that its sales in the first quarter of 2021 increased by 36%, and its net income was higher than last year's 159 million U.S. dollars, reaching 595 million U.S. dollars. Net sales increased from 8.56 billion U.S. dollars a year ago to 11.64 billion U.S. dollars, exceeding expectations of 10.44 billion U.S. dollars.

Online sales increased by 37.2%, higher than the 22.4% expected by analysts in the StreetAccount survey. The company said that almost all categories of sales have achieved growth, of which home theaters, computers and home appliances have increased the most.

Best Buy CEO Corie Barry said that as the value of homes is rising, more and more consumers have an increasing demand for homes and kitchen appliances, and shopping stimulates a frenzy of consumption.

And this demand is driven by continuous attention to the family, which covers many aspects of consumer life, including work, study, cooking, entertainment, redecoration and transformation. Including government stimulus plans and a strong housing environment have also boosted consumer demand.

Among consumers, Best Buy’s largest shopping group is millennials, and the total growth of these new customers is about 50% higher than the level before the new crown epidemic. However, these customers look different: a little younger, more women, and a little lower income, that is, millennials.

Chief Financial Officer Matt Bilunas said that Best Buy expects same-store sales to grow by 3% to 6% this year. He had previously stated that their rates ranged from a decline of 2% to an increase of 1%. However, he said the company expects customers to increase spending in other areas such as travel and dining out in the second half of this year.

Best Buy said that the company is currently trying to better understand the role of stores in the future, and has begun to test different formats. It is piloting a store with a smaller sales floor and a larger back office to complete online orders, which will invade the e-commerce business more and enhance the online shopping experience of customers.