Best Buy Europe - the joint venture between Carphone Warehouse and Best Buy - has reported UK like-for-like sales up 6.3% in its third quarter and remains on track to unveil its first big-box shops in spring.
The electricals retailer – in which Carphone Warehouse has a 50% stake – reported like-for-like revenue for the same quarter is up 5.5% and connections are up 1.4% to 3.75 million.
The retailer said the UK performed particularly well with continued market share gains in the high-end smartphone category contributing to UK like-for-like sales growth of 6.3% against a tough comparative.
Best Buy Europe said its ‘Wireless World’ shops continue to perform well and it is on target for over 100 by March 2011, achieved through a mix of new stores and refits. It said the success of this format is a key growth driver as it accelerates the UK roll out.
Chief executive Charles Dunstone said: “Best Buy Europe, in which we have a 50% share, has seen a very good quarter. Connections were up 1.4% despite tough annual comparatives, and the division has also delivered impressive like-for-like sales growth of 5.5%.”
The demerger of Carphone Warehouse remains on track for completion in March.
The group said it remains cautious about the economic environment but said Best Buy Europe is well positioned operationally for further growth in the UK, Europe and the US.