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Best Buy Q4 Entertainment Revenue Increased 8.4%, Driven By Video Games Media Play News

The DVD/Blu-ray section of a Best Buy in Costa Mesa, Calif., Jan. 10.

February 29, 2024

Best Buy Feb. 29 reported a 8.4% increase in entertainment segment revenue for the fiscal fourth quarter, ended Feb. 3. That was an uptick from a 0.2% comparable same stores increase in the previous year period.

The segment, which includes products such as DVD and Blu-ray Disc movies, video game hardware and software, books, music CDs, and computer software, upped its percentage of the overall domestic revenue mix 1% to $1.34 billion (10%) from $1.21 billion (9%) in the prior-year period.

The principle segment revenue driver included video game hardware and software. Best Buy recently disclosed it would cease selling movie DVDs and Blu-ray Discs in 2024, which has left most stores with barren shelves and point-of-purchase displays.

Overall, the nation’s largest consumer electronics retailer realized declines across most business segments, including a 4.2% drop in computing and mobile phones; a 9% drop in legacy consumer electronics, and a 13.7% fall in appliances. Services, which includes the Geek Squad, saw a 6.3% increase in sales, down from a 12.4% increase in the prior-year period.

“In the fourth quarter and throughout FY24, we demonstrated strong operational execution as we navigated a pressured consumer electronics sales environment,” CEO Corie Barry said in a statement. “This allowed us to deliver annual profitability at the high end of our original guidance range even though sales came in below our original guidance range.”

However, Barry said she pleased with the ongoing uptick in paid Geek Squad membership base, which helped increase and drove customer experience improvements in many business areas, particularly in services and delivery, which saw revenue top $844 million.

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Erik Gruenwedel

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