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Best Buy posts sluggish December comps

FROM TWICE: Same-store sales up 3%

By Alan Wolf of TWICE -- Video Business, 1/14/2008

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JAN. 14 | FROM TWICE: Best Buy’s same-store sales rose 3% on an adjusted basis company-wide during the critical five-week period ended Jan. 5, and increased a modest 2.1% in its U.S. stores due to comparable-store sales declines from custom install services, extended warranty attachments and sales of MP3 players and projection TVs.

Without the benefit of the adjustment, company-wide comps rose 1.5% and U.S. same store sales were flat at 0.3% due to a shift in the chain’s fiscal calendar that moved a week of post-Thanksgiving sales from December to November.

Net sales for the five weeks were up 11% to $7.3 billion company-wide and grew 8% to $6 billion domestically thanks to the addition of 127 new stores, including 96 in the U.S., and strength in video gaming, flat-panel TVs, notebook computers and GPS devices, which helped drive increases in the average transaction amount.

Read the full story on TWICE.com.



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