Best Buy Focusing on 5G, CEO Tells Investors

Consumers have a lot of questions about 5G, Best Buy CEO Corie Barry told investors on a quarterly call Thursday. The retailer's product category focus will include foldable smartphones, connected fitness, next-generation gaming consoles and products that leverage 5G networks, she said. Sales of cellphones and other tech products fueled a 2.6% Q4 comparable sales increase vs. the year-ago quarter, offsetting soft sales in gaming and smart home, said management on the company’s call. Domestic online revenue grew 18.7% to $3.42 billion on higher average order values, increased traffic and higher conversion rates, said Chief Financial Officer Matt Bilunas. Online revenue increased to 25.4% of total domestic revenue, up from 21.9% last year, he said.