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Best Buy launches new attack on Amazon

·Anchor, Editor-at-Large
·2 min read
In this article:
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Someday soon you may be able to buy groceries from Best Buy (BBY) as it looks to better compete for shoppers online with Amazon and Walmart.

But before then, Best Buy is hoping to sell you an electric bike, an electric mower or some form of beauty product.

The electronics retailer (or one-time electronics only retailer) began selling a range of electric bikes and scooters on its website on Tuesday. USA Today first reported the launch. Offerings range from a $799 Segway electric scooter to a $2,649 electric bike from SUPER73.

The company — at least in the past five years — has a history of spicing up what merchandise it sells. Several years ago Best Buy opened up shops from Apple, Samsung and Microsoft in its stores. The company also sells 3D printers, health monitoring equipment and connected fitness gear.

"We have expanded our assortment in categories like outdoor living as more and more consumers look to makeover or upgrade their outdoor spaces. This includes products like patio furniture, grills, fire pits, and electric mowers, to name a few," Best Buy CEO Corie Barry revealed on the company's second quarter earnings call last week.

Further assortment tinkering is waiting in the wings, besides the company now selling a full offering of Weber grills (a good move for the newly public company, Weber).

Best Buy gets into the EV game.
Best Buy gets into the EV game.

Said Barry on the earnings call, "In the back half of the year, we expect to add more products in the fitness, beauty, sleep, pain management, vision, hearing, and electric transportation categories."

To be sure, now is as good a time as any for Best Buy to be testing out fresh categories given the momentum in its business.

Best Buy's second quarter same-store sales surged 19.6%, beating analyst forecasts for an 18.4% increase. The company also served up a bullish outlook for the balance of 2021, which of course includes the key holiday shopping season.

"Best Buy continues to consistently evolve and test its business model to serve the customer of the future. We believe the current evolution will lead to increased productivity and operating metrics post-pandemic," said Barclays analyst Karen Short.

Short has an Overweight rating on Best Buy (Buy equivalent) with a $135 price target. Best Buy's stock is up about 19% to $117 year-to-date, slightly lagging the broader S&P 500's 20% advance.

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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