August 24, 2016
Best Buy, the nation’s largest consumer electronics retailer, beat back Amazon.com’s challenge in the latest quarter. The Minneapolis-based company reported a 21% increase in profit, including a 24% jump in online sales, resulting in its shares rising 19%.
That stock surge was the largest daily percentage increase since mid-December 2008.
Best Buy improved its online shopping process by shipping goods from all of its stores, which translates into quicker deliveries.
The company is revamping its stores, forging deeper partnerships with electronics companies like Samsung, and deploying better-trained sales staff in stores to convert browsers into buyers. It’s expected that Best Buy will make a big push into virtual reality gadgets this holiday season, including equipment demonstrations at stores.
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