Amazon (AMZN) Could Be Number One At This Soon
Author By Sophia VidaPosted on US sales of consumer electronics increased by $5.6 billion last year, almost none of which would have happened without Amazon.
According to an analyst note sent by Deutsche Bank on June 21st, Amazon has already displaced Walmart as the second-largest retailer of consumer electronics, and is now fast on its way to stealing the top spot.
Last year Amazon’s consumer electronics sales grew 28% over the previous year, while comparable sales grew only 3.8% at Best Buy.
Best Buy has been quickly losing market share as the retailer had flat same-store sales last quarter.
Five years ago Amazon ranked No. 4 on the list of top 100 U.S. electronics retailers; today, it’s No. 2. We could be seeing Jeff Bezos’ company at the number one spot soon.
Disclaimer: We have no position in Best Buy Co Inc. (NYSE: BBY) and have not been compensated for this article.
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