The electronics retailer has recently listed five outlet locations on its website: Moreno Valley, Calif.; Newark, Del.; Farmers Branch and San Antonio, Texas; and Raleigh, N.C. Judging by the outlet section online, Best Buy's outlets sell clearance, open box, preowned and refurbished merchandise.
For Best Buy, having a few outlets open isn't a bad idea, as they could help move unsold and returned merchandise and bolster the company's price perception among consumers who think Amazon (AMZN) - Get Report is always the lowest-priced option.
Add new outlets to the list of wins this year for a retailer that many on Wall Street had left for dead.
Best Buy's third-quarter earnings in mid-November came in at 62 cents a share, thumping analyst projections for 47 cents. Net sales rose 1.4% from the prior year to $8.9 billion, beating estimates for $8.85 billion. U.S. same-store sales jumped 1.8%, outpacing a year-ago gain of 0.8%. Same-store sales for Best Buy's U.S. online business surged 24.1%, following a strong 18.1% increase a year ago.
Shares of Best Buy have risen an astounding 54% to $46.82 this year, trouncing the S&P 500's 10.9% increase. Shares were slightly lower in midday trading.
A Best Buy spokesman said via email to TheStreet that the company doesn't have photos of a new outlet.