Blu-ray and DVD section at Best Buy in Costa Mesa, CA, in October 2021.

Erik Gruenwedel

On November 23, Best Buy reported comparable store sales of $ 549.2 million for the third quarter (ended October 30), down from revenues of nearly $ 1.9 billion for the period. of the previous year.

The segment result, which includes products such as DVD movies / Blu-ray discs, video game hardware and software, books, music CDs and computer software, underlines the impact of stay warrants. home from the previous year on home entertainment consumption. .

Indeed, e-commerce revenues fell more than 10% to $ 3.44 billion. As a percentage of total national revenue, online revenue declined to about 31.3% of Best Buy’s $ 10.98 billion in revenue, from 35.2% of $ 10.85 billion in revenue in the year. last.

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CEO Corie Barry said despite returning customers to stores, digital sales in the quarter were still more than double pre-pandemic levels, and phone, chat and home sales continued to grow. . She said the consumer electronics retail giant remains well positioned to sell and deliver products in the current business environment and into the future.

“During the third quarter, we achieved our fastest online small parcel shipping times on record as our same day delivery increased 400% and we nearly doubled the percentage of products delivered within one day. compared to last year, “Barry said in a statement. .

CFO Matt Bilunis said the retailer has perfected the delivery of CE products according to the consumer’s wishes.

“We are committed to leading initiatives that will generate future growth and our outlook for the fourth quarter reflects continued investments in our new membership program, technology, advertising and our healthcare strategy,” Bilunis said.