Best Buy Reports First Quarter Results

Domestic revenue of $7.92 billion decreased 6.7% versus last year. The decrease was driven by a comparable sales1 decline of 5.7% and the loss of revenue from 24 permanent store closures in the past year.

The largest comparable sales growth drivers were computing and gaming. These growth drivers were more than offset by declines in home theater, mobile phones, digital imaging and services.

Domestic online revenue of $3.34 billion increased 155.4% on a comparable basis1 due to higher conversion rates and increased traffic. As a percentage of total Domestic revenue, online revenue increased to approximately 42.2% versus 15.4% last year.

Domestic gross profit rate was 23.0% versus 23.7% last year. The gross profit rate decrease of approximately 70 basis points was primarily driven by higher supply chain costs as a result of the increased mix of online revenue.

Domestic GAAP SG&A was $1.58 billion, or 19.9% of revenue, versus $1.68 billion, or 19.8% of revenue, last year.

International Segment Q1 FY21 Results
International revenue of $647 million decreased 2.1% versus last year. This decrease was primarily driven by the impact of approximately 320 basis points of negative foreign currency exchange rates, which was partially offset by revenue from new stores opened in Mexico in the past year.

International gross profit rate was 22.3% versus 24.2% last year. The gross profit rate decrease of approximately 190 basis points was primarily due to Canada, which was largely driven by a lower mix of higher-margin services revenue and higher supply chain costs as a result of the increased mix of online revenue.

International SG&A was $156 million, or 24.1% of revenue, versus $158 million, or 23.9% of revenue, last year. SG&A decreased primarily due to the favorable impact of foreign exchange rates.
details at: http://investors.bestbuy.com/investor-relations/news-and-events/financial-releases/news-details/2020/Best-Buy-Reports-First-Quarter-Results/default.aspx

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