FY20 Financial Guidance
- Enterprise revenue of $43.2 billion to $43.6 billion, which compares to prior guidance of $43.1 billion to $43.6 billion
- Enterprise comparable sales growth of 1.0% to 2.0%, which compares to prior guidance of 0.7% to 1.7%
“Based on our data, we believe there is much untapped opportunity to serve New York clients in their homes,” said Barry.
As for next-day delivery, about 99% of customers live in a ZIP code where the service is available, up from 80% last quarter. The retail is also working on its store pickup option. On average 80% of Best Buy’s buy-online-pickup-in-store orders (BOPIS) are ready in less than 30 minutes and 40% of Best Buys online sales are coming from BOPIS.
Best Buy is also continuing to add new functionality to the website and mobile app. During the quarter it launched a Top Deals section in the app and on the website, for example. This leverages cost and gives Best Buy more flexibility to introduce multiple promotional cycles within the week. The Top Deals feature also provides a better user experience and helps customers find products with fewer clicks, resulting in higher and more consistent traffic throughout the week and better conversion compared to the old experience, said Barry.
Barry noted the app continues to see strong customer ratings and year-to-date usage is up more than 20%, while in-store app usage spiked more than 30%.
“Our store employees love the app, which has also been improved with their needs in mind,” said Barry. “They can now much more quickly see pricing, promotions, inventory and fulfillment times, through features such as Top Deals, and expanded availability options. The app also provides employees other recommended products if a certain product is out of stock in their store.”