On the Call: Best Buy's Black Friday

AP News
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Posted: Dec 15, 2009 1:41 PM

Best Buy reported better-than-expected third-quarter results on Tuesday. During a call with investors, CEO Brian Dunn talked about the electronics retailer's traffic, sales and online business the two days after Thanksgiving that are popular for shopping.

QUESTION: How did things go during Black Friday (and the next day)?

RESPONSE: It's important financially, of course, but even more importantly it represents millions of customer interactions over the course of a 48-hour period. ... (We had) a double-digit gain over the Black Friday weekend, with roughly half of the gain coming from an increased in traffic and the balance coming from higher average (sales per customer). Our online business also experienced strong results. Revenue for the third quarter increased more than 20 percent versus last year as a record number of consumers visited BestBuy.com over the period. These results highlighted the power of a multichannel retailer as in-store pickups were one-third of total online sales for the quarter.