Skip to main content

Best Buy had a strong few months – but still took a hit on Wall Street

But its shares still took a bit dip. Here's why.

Best Buy is simultaneously celebrating a strong few months for sales, while also warning people there's no way it'll continue.

Chairman and CEO Hubert Joly said Tuesday morning the retailer had "higher-than-expected comparable sales of 5.4 percent" in the second quarter, which he credited to a big consumer demand for tech coupled with Best Buy's sales strategy.

You can get all the specific numbers here, but bottom line: they beat people's expectations and had a solid quarter, CNBC says.

Then a couple hours later Joly got on a conference call and said this is "not the new normal," warning people against expecting these types of gains to continue, Bloomgberg reports.

That caused Best Buy's stock to plummet, marking the worst stock decline for the company in more than 12 months, Bloomberg says.

Here's what sold well

Best Buy says computing, wearables, smart home and mobile were among the top growth categories in merchandise.

In terms of revenue, tablets didn't do as well, partially offsetting the gains made in those other categories.

Online sales were up, with Best Buy noting domestic revenue of $1.1 billion there for the quarter. That's up 31.2 percent on a comparable basis, with Best Buy saying they had more traffic and converted more of those visits to sales.

Online made up 13.2 percent of the domestic revenue pie for the quarter, up from 10.6 percent last year.

Best Buy employs about 8,000 people in Minnesota, making it the 22nd-biggest employer in the state.

Next Up


Charges: Armed man made death threats at Minneapolis LGBTQ bar

The man allegedly used derogatory terms while threatening to kill someone.


FDA pulls last COVID-19 monoclonal antibody treatment as new variants rise

A therapy used to treat more than 11,000 Minnesotans is no longer authorized amid a surge in the latest COVID-19 variants.

Austin Robert LeClaire

Charges: Plymouth man shot girlfriend in head after birthday party

The 23-year-old victim is in critical condition as of Friday.


State announces $2.5M in grants for child care providers

Child care providers in roughly a dozen communities will receive funds to help grow the supply of affordable, quality child care.


Probe of Golden Valley police uncovers racism, alleged misconduct

One officer was terminated for alleged racist comments and violations of state law.

blowing snow

Blowing snow Friday in Minnesota; will it snow next week?

Winds could gust up to 50 mph Friday afternoon and night.

Deer hunting blaze orange

To combat CWD, late-season deer hunting announced for 9 areas of MN

The special hunts will be held between Dec. 16 and 18.


COVID levels rising in wastewater; BQ.1 now dominant

BQ.1 is the new dominant subvariant in Twin Cities wastewater.

Screen Shot 2022-12-02 at 11.43.05 AM

Keith Ellison, other AGs settle with CarMax over recall disclosures

As part of the settlement, CarMax now must disclosure open recalls online and on the lot.

police lights squad car

Man kidnaps 2-year-old daughter in St. Paul, crashes after pursuit in Minneapolis

The incident involved both police departments in Minneapolis and St. Paul.

police lights

Boys aged 15, 16 arrested after shooting of teen in Woodbury

The victim suffered non-life-threatening gunshot wounds.


Video games have been good to Best Buy so far in 2017

Gee, were there any high-profile gaming releases in early 2017 ...?

Best Buy confounds expectations with huge rise in sales

But it's not all good news for the Richfield retail giant.

Some of the best 2017 Cyber Monday deals from Target, Best Buy, Amazon and Walmart

Some of the highlights being offered by Target, Best Buy, Amazon and Walmart this year.

Best Buy goes right at Amazon Prime Day with its own big discounts

Amazon's Prime Day starts Monday and runs through Tuesday – but Best Buy has its own deals lined up.

Best Buy

Best Buy to furlough 51,000 hourly workers as sales plummet

The Richfield retailer has shifted all its stores to curbside pick up only.

Best Buy is closing its Mall of America store

It's come to the end of its 10 year lease.