Best Buy Co., Inc. announced results for the second quarter ended July 29, 2017 (“Q2 FY18”), as compared to the second quarter ended July 30, 2016 (“Q2 FY17”). The company reported GAAP diluted earnings per share from continuing operations of $0.67, an increase of 20% from $0.56 in Q2 FY17. Non-GAAP diluted earnings per share from continuing operations were $0.69, an increase of 21% from $0.57 in Q2 FY17. “We are pleased today to report strong top and bottom line growth for the second quarter of fiscal 2018,” said Hubert Joly, Best Buy chairman and CEO. “Our higher-than-expected comparable sales of 5.4% were driven by stronger consumer demand for technology products and by the strong execution of our strategy. Against a backdrop of continued healthy consumer confidence, we believe broad-based product innovation is resonating with consumers and driving higher spend. And, with our effective merchandising and marketing activities, combined with our expert advice and service available online, in-store and in-home – we are garnering an increasing share of those dollars.” Click Read More below for additional detail.
July bookstore sales fell 3.4% compared to July 2021, according to preliminary estimates from the U.S. Census Bureau. Sales we $646 million this past July, compared to $668 million a year ago. It was the second straight month bookstore sales declined compared to 2021, after a steady string of monthly increases, and could reflect a new normal in the bookstore sales pattern, as comparisons to 2021 now reflect a period when many stores had reopened after lockdowns. In June, sales were down 8.2%.
Despite the two-month sales skid, bookstore sales were still up 10.3% in the first seven months of 2022 over 2021, with sales rising to $4.54 billion from $4.11 billion in the comparable period in 2021. For the entire retail segment July sales rose 8.5% and sales increased 10.2% in the year-to-date.