Best Buy generated profits of $137.2 million in Q1 of 2011. The company had revenues of $10.94 billion and a single Best Buy share was worth $0.35.
The most important profit trigger for the company was the tablet sector, in particular the iPad 2, according to CEO Brian Dunn (opens in new tab). Additionally, smartphones such as Verizon’s iPhone, HTC’s inspire and Samsung’s Epic were key handsets that contributed to Best Buy’s success.
Despite these figures, Best Buy’s sales dropped by 1.7% compared to Q1 of 2010. The company is optimistic and has forecast it will generate $51-52.5 billion in revenues in 2012.
A new tablet area, called Tablet Central, will be created in all Best Buy stores in the first days of July. The company expects the number of tablet offerings to increase significantly and is preparing to offer “a wide range of features and price points that will drive consumer interest, as well as our business”, Dunn revealed.
However, Best Buy beat around the bush when asked to describe how well the iPad 2 and other non-Apple tablets fared in term of sales.
The company is also planning to double its US online business in the next 3-5 years and close the current gap that exists between them and Amazon.