REUTERS: Best Buy Co Inc gave an upbeat profit forecast for the year while reporting better-than-expected holiday-quarter sales on Wednesday, as it benefited from higher demand for wearable devices, gaming consoles and appliances.
To tackle competition from Amazon.com Inc, Best Buy has been beefing up its website and app, while spending on services such as"Geek Squad", which provides general tech support and advice on setting up smart homes. "Best Buy continues to generate increasing traction in its multi-channel quest, with both brick-and-mortar and online posting impressive performance for both Q4 and FYE 2018," Moody's analyst Charlie O'Shea said.Best Buy's domestic comparable sales rose 3 percent in the three months ended Feb. 2, with growth across wearables, appliances, smart home and gaming, being partially offset by a decline in sales of mobile phones.
Source: Tech Daily Report (techdailyreport.net)
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