OT:Best Buy Again Named Nation's Top Consumer Electronics Retailer in TWICE Magazine's Annual Retailer Report
Consumer Electronics Retailers' Sales Hit Record Breaking $106.6 Billion in 2003, Driven by HDTV Purchases
NEW YORK, May 3 /PRNewswire/ -- The nation's largest consumer electronics retailers rang up a record-breaking $106.9 billion in aggregate sales during 2003, according to the authoritative annual "Top 100 CE Retailers Report" published today in the May 3 edition of TWICE (This Week In Consumer Electronics), the leading trade publication covering the consumer electronics
(CE) industry.
Once again, Best Buy (NYSE: BBY) was ranked the number one U.S. consumer electronics retailer with $19.5 billion in sales, an increase of 17.7 percent versus the previous year.
TWICE noted that the record setting performance for the industry's top retailers was particularly significant in light of consumer anxieties during 2003 over the war in Iraq, high unemployment and job security woes, as well as blizzards and blackouts. "Given the circumstances, 2003's performance is
remarkable, a tribute to the consumer electronics industry whose products and technologies continue to inspire the imagination and shopping appetites of Americans of all ages," said Steve Smith, editor in chief of TWICE.
Leading the 2003 product parade, high-definition television sales rocketed dramatically as consumers flocked to stores to ask questions and buy LCD, plasma and other new flat panel formats at lofty prices. A flood of other products sparked consumer demand, including MP3 players, led by Apple's
(Nasdaq: AAPL) iPod; digital cameras; picture-taking, game-playing cellphones; recordable DVD decks (as well as the commodity-priced DVD players); TiVo (Nasdaq: TIVO) and competing personal video recorders (PVR); and high-end audio systems.
Universal mass merchant Wal-Mart (NYSE: WMT) ranked no. 2 in the report after Best Buy with $15.7 billion sales, a 10.9 percent increase. Specialist Circuit City (NYSE: CC), whose CE sales dropped 2 percent to $9.75 billion, ranked No. 3.; computer leader Dell (Nasdaq: DELL) ranked fourth with $6.26 billion in sales; and mass merchant Target (NYSE: TGT) ranked fifth with $4.96 billion.
The ubiquitous RadioShack (NYSE: RSH) chain holds the No. 6 slot with $4.6 billion; home office specialist Staples is No. 7 with $4.02 billion in sales, edging out CompUSA, No. 8 on the list, with $4.01 billion. Rounding out the Top Ten is Wal-Mart-owned warehouse operation Sam's Club with $2.76 billion at No. 9 and another home office chain, Office Depot (NYSE: ODP), with $2.59
billion at No. 10.
