Best Buy (NYSE:BBY)
Q4 2021 Earnings Call
Feb 25, 2021, 8:00 a.m. ET
- Prepared Remarks
- Questions and Answers
- Call Participants
Ladies and gentlemen, thank you for standing by. Welcome to Best Buy’s fourth-quarter fiscal year 2021 earnings conference call. [Operator instructions] I will now turn the conference call over to Mollie O’Brien, vice president of investor relations.
Mollie O’Brien — Vice President, Investor Relations
Thank you. And good morning, everyone. Joining me on the call today are Corie Barry, our CEO; Matt Bilunas, our CFO; and Mike Mohan, our president and COO. During the call today, we will be discussing both GAAP and non-GAAP financial measures.
A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures and an explanation of why these non-GAAP financial measures are useful can be found in this morning’s earnings release, which is available on our website, investors.bestbuy.com. Some of the statements we will make today are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may address the financial condition, business initiatives, growth plans, investments and expected performance of the company and are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Please refer to the company’s current earnings release and our most recent 10-K and subsequent 10-Qs for more information on these risks and uncertainties.
The company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this call. I will now turn the call over to Corie.
Corie Barry — Chief Executive Officer
Good morning, everyone and thank you for joining us. During the fourth quarter, our teams across the company delivered an exceptional customer experience in a safe environment. They showed amazing flexibility and execution, managing extraordinary volume in a dynamic situation, and they strive every day to create safe shopping experiences often in the face of pandemic fatigue. As a result, today, we are reporting strong Q4 financial results, which include comparable sales growth of 12.6% and non-GAAP earnings-per-share growth of 20%.
We continued to leverage our unique capabilities, including our supply chain expertise, flexible store operating model and ability to shift quickly to digital to meet the ongoing elevated demand for stay-at-home products and services. Online sales grew almost 90% to a record $6.7 billion and made up 43% of our total Domestic sales. Our stores played a pivotal role in the fulfillment of these sales as almost two-thirds of our online revenue was either picked up in-store or curbside, shipped from a store or delivered by a store employee. The percent of online sales picked up by customers at our stores was 48%, representing a 90% increase in volume.
Ship-to-home volume was up 38%. And even with that increase in volume, we were able to accelerate the delivery speed to our customers on a year-over-year basis by strategically using our partners, our stores and our employee delivery. For additional context, same-day shipping volume was up 376%, and our employees delivered more than 1 million units. From a product category perspective, the biggest contributors to the strong comp sales growth in the quarter were computing, appliances, gaming, virtual reality and home theater.
As you recall, this year, we started holiday promotions in October, which is in our third quarter. We started these events early and spread them over the course of several weeks to help avoid overly crowded days in our stores in order to create a safer shopping experience….