RICHFIELD, MINN. — Best Buy Co. Inc. (NYSE: BBY) reported that its revenue increased 36 percent in the first quarter compared with the same period a year ago. The Richfield-based electronics retailer’s first quarter ended May 1. Additionally, enterprise comparable sales increased 37.2 percent.
“Customer demand for technology products and services during the quarter was extraordinarily high,” says Corie Barry, CEO. “This demand is being driven by a continued focus on the home, which encompasses many aspects of our lives including working, learning, cooking, entertainment, redecorating and remodeling. The demand was also bolstered by government stimulus programs and the strong housing environment.”
As sales momentum is continuing into the second quarter, Best Buy is raising its annual comparable sales growth outlook to a range of 3 to 6 percent, according to CFO Matt Bilunas. In the first quarter, the company generated comparable sales growth across almost all of its categories, with the largest drivers being home theater, computing and appliances.
Best Buy’s stock price opened at $121 per share Thursday, May 27, up from $79.08 one year ago. The retailer operates more than 900 stores nationwide.