A Closer Look At Best Buy’s Post Earnings Conference Call
Best Buy (NYSE: BBY) reported a top-and-bottom-line beat in its third quarter results on Thursday and then guided its fourth quarter earnings per share ahead of Wall Street’s expectations.
After the company’s earnings report, management hosted a conference call to discuss its quarter and outlook. Here is a look at what was said, courtesy of Seeking Alpha’s transcript of the call.
Hubert Joly (CEO) on how Best Buy stands out: “
Also, our strategy at Best Buy is not just about selling TVs. It is about helping customers with their entertainment needs, driving growth in audio, streaming devices and other accessories, as well as delivery and installation. We are excited about the continued television product innovation being introduced to the market. And we believe advances in picture quality, content availability and smart home integration will continue to drive excitement and demand in the industry. This plays to our strengths as the technology and service leader in the category.”
Joly on fiscal 2017 priorities: “Now, I’d like to update you on the third quarter progress against our fiscal 2017 priorities. The first priority is to build on our industry position and multi-channel capabilities to drive the existing business. We’re pleased with our progress here as we’re driving growth across multiple areas of our business. In home theatre, we continued to grow sales and market share due to the strength of our Magnolia design centers, continued success of our vendor experiences and strong performance online.”
Joly on new initiatives: “Emerging categories are gaining traction in part due to our ability to physically showcase products and offer expert help to customers. In connected home, we’re seeing strengths in home automation including security, lighting, and video monitoring. Drones are also becoming a more meaningful part of the business and virtual reality products hit all of our stores during the third quarter with new, dedicated virtual reality departments in more than 700 stores.”
Joly on ecommerce: “Turning to our digital channel. We delivered our third consecutive quarter of 24% domestic online sales growth. This growth was driven by increased traffic and the cumulative benefit of our investments over the past few years in the digital customer experience and enhanced dot-com capabilities. We continue to refine our search, research, and checkout capabilities with a focus on streamlining the customer experience across all channels.”
A Closer Look At Best Buy’s Post Earnings Conference Call,
Best Buy (NYSE: BBY) reported a top-and-bottom-line beat in its third quarter,
Hubert Joly (CEO) on how Best Buy stands out,
Joly on fiscal 2017 priorities,,Joly on new initiatives:
Joly on ecommerce