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Best Buy Misses on Revenue

"Additionally, disruptions caused by the physical deployment of the Samsung Experience Shops and the optimization of our retail floor space are expected to have operational impacts during the second quarter," McCollam said.

The company continued to make substantial progress on its Renew Blue initiative.

Joly pointed to Renew Blue improvements that included: a 16% increase in domestic comparable online sales; improving customer Net Promoter Score by over 300 basis points over the last five months; reaching an agreement with Samsung to establish Samsung Experience Shops in retail stores and beginning to roll those out; negotiating overall rent reductions for a number of stores and closing one large format store; and eliminating $175 million in annualized costs between Selling, General & Administrative expenses and supply chain costs, bringing the total to $325 million of eliminated costs since the initiative began.

The company identified at its analyst day in November a total of $725 million in reduced expenses through its domestic business.

-- Written by Laurie Kulikowski in New York.

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