Best Buy FY 1Q18 Earnings Call Notes

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Hubert Joly – Chairman and CEO

Benefit from competitor closing

“Yes. Thanks, Peter. So yes, a competitor filed last quarter, and I think they’re finishing the closing of their stores. It’s always a little bit choppy initially, given promotions, liquidation and so forth, but we believe we’re seeing some lift in the sales in the stores, of course, around their locations in appliances and home theater. To provide some order of magnitude, their appliances and home theater business, that’s about $2 billion, and we’ll get a share of that. It’s about 200 stores”

Impact of VR is small

“Yes. I would say, David, that we are excited by the fact that there’s a set of emerging technologies. And it’s been very interesting to see the inflow and the regular inflow of a variety of technologies, VR being one of them. You had drones. You’ve had a variety of products like this. The impact of VR specifically is small, but we like the proliferation of innovation across our sectors.”