Online sales climbed 22.5% as BestBuy.com got more traffic and more consumers made purchases.

Best Buy Co. Inc.’s online sales growth has been outpacing e-retail growth for several quarters, and fiscal Q1 was no exception.

The consumer electronics retail chain’s web sales climbed 22.6% for the three months ended Apr. 29 and totaled $1.02 billion. A year ago, Best Buy said it generated $832 million online in the comparable quarter.

The U.S. Commerce Department earlier this month said online sales grew 14.8% in the first quarter. The Commerce Department’s Q1 reporting period follows the calendar, encompassing January, February and March.

Best Buy joins other online leaders in posting e-commerce growth rates greater than the industry as a whole. Amazon.com Inc., No. 1 in the Internet Retailer 2017 Top 1000, grew its retail sales in North America by 23.5% in Q1. Target Corp. (No. 20) grew web sales 21.5%, The Home Depot Inc. (No. 7) grew web sales 23.0%.

Best Buy (No. 10) credits its Q1 online growth to BestBuy.com attracting more visitors and more of those visitors buying when they visit the site. Web sales accounted for 12.9% of total domestic sales versus 10.6% in Q1 2016.

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Best Buy’s overall sales also increased while net income declined.

For the quarter ended Apr. 29, the retailer reported:

  • Total sales of $8.53 billion, up 1.1% from $8.44 billion.
  • U.S. sales of $7.91 billion, up 1.0% from $7.83 billion.
  • International sales of $616 million, up from $614 million a year ago. Best Buy has stores in Canada and Mexico.
  • Net income of $188 million, down 17.9% from $229 million.

Best Buy closed 12 large-format stores and 40 Best Buy Mobile stores during the quarter.

 

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