Even as big retail chains like Target reported weak second-quarter earnings, Best Buy swooped in Tuesday with surprisingly strong numbers.
Its 0.8 percent growth for comparable sales, while modest, exceeded expectations, and online sales growth reached 23.7 percent compared to 17 percent during the same quarter last year.
"In our Domestic business, we are reporting comparable sales growth of 0.8% versus guidance of approximately flat," Best Buy Chairman and CEO Hubert Joly said in a statement. "This is on top of comparable sales growth of 3.8% last year. We saw continued positive momentum in our online sales -- delivering a second straight quarter of nearly 24% growth."
Best Buy's earnings report attributed the improved online sales to "increased traffic, higher average order values and higher conversion rates."
Health and wearables, home theater products and large appliances did particularly well, which helped balance out declines in phones and gaming categories.