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Business

Best Buy beats back Amazon in latest quarter

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Opening sequence

Business

Best Buy beats back Amazon in latest quarter

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COMING UP:Best Buy beats back Amazon in latest quarter

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00:00:01
>> Best Buy appears to be doing what other retailers like Walmart and Target can't, holding its own against the retail giant known as Amazon. I'm Conway Gittens in New York. Quarterly results released Tuesday by the country's largest specialty electronics retailer suggests that Best Buy has found a way to stop or at least curb what is known as showrooming.
00:00:23
That's when a consumer goes inside the store and tries out a item, like a personal fitness device or a television, and then walks out and buys the item for a cheaper price on Amazon.com. Quarterly sales at Best Buy rising for the first time since last year as it turns window shoppers into actual buyers.
00:00:44
And even it's online sales seeing a bump up in the past three months. Best Buy pointing to improvements to its website's search functions and checkout. Faster shipping also helps. But the biggest changes bearing fruit in attempts to fight off Amazon comes down to one thing, pricing. Best Buy is now more competitive in-store and online when it comes to price and discounts, its price match guarantee leaving no room between what a product costs at Best Buy or on Amazon.com.
00:01:16
The changes are resulting in a handsome reward for the stock. Shares of Best Buy Tuesday enjoying their biggest one day surge in almost 16 years.