Best Buy Co. Inc., the nation's largest consumer electronics retailer, delivered robust earnings on strong sales Tuesday — further evidence that shoppers are doling out more money for GPS navigators and game consoles than for apparel and shoes.
For the three months ended Dec. 1, earnings leapt 34.2 percent to $228 million, or 53 cents a diluted share, from $150 million, or 31 cents, in the year-ago period. This growth is attributed to new store openings, an increase in the average selling price of key goods, as well as an extra week of post-Thanksgiving revenue. Sales for the quarter grew 14.7 percent to $9.9 billion from $8.4 billion in the same period last year. Domestic and international revenue jumped 15 and 32 percent, respectively, as a favorable foreign exchange rate, coupled with the opening of new stores, bolstered sales.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)