In 2015, appliances accounted for 8% of Best Buy Co. Inc.’s (NYSE: BBY) revenue mix. Year-over-year comparable sales grew 15.4%, the best of any merchandise category. Perhaps, then, we shouldn’t be surprised that appliance promotions are a big deal for the retailer.
Best Buy’s Fourth of July promotion offers up to 40% off on major appliances. That’s a better offer than the 30%-off deals the company offered for the President’s Day holiday and the Memorial Day promotion.
For example, a Samsung 28.2-cubic foot, 4-door refrigerator (RF28HMELBSR) with a list price of $3,599.99 is selling for $1,994.99, a savings of nearly 45%. The fridge even has a touch-pad so consumers can access the Internet and communicate with other Samsung smart devices. Delivery is free.
A Whirlpool 2-cubic foot over-the-range microwave in stainless steel (WMH53520CS) is on sale for $219.99, a reduction of 45% from the list price of $399.99. Standard shipping is free.
For someone looking for something a bit smaller, a KitchenAid Professional 5 Plus stand mixer (KV25G0XSL) in in silver (black and red also available) that is regularly priced at $499.99 is selling for $224.99, a savings of 50%. Standard shipping is free.
Best Buy is also offering a Frigidaire 5-cubic foot self-cleaning gas convection range (BGGF3045RF) for $599.99, a savings of 40% from the regular price of $999.99. Delivery is free.
The only other merchandise category in which Best Buy posted a comparable-sales gain in 2015 was consumer electronics and the gain was barely a third of the year-over-year boost in appliance sales. We would expect to see more appliance promotional sales running up to the end-of-the-year holiday season. Labor Day is right around the corner.