Best Buy (NYSE:BBY) is convinced that the Apple Watch has a mass appeal contrary to the perception of many that the device is a niche product. The world’s largest electronics retailer said it would rollout the device to all of its stores by the end of September.
Best Buy started selling the Apple Watch at its website and 100 stores less than three weeks ago. The company is selling Apple Watch models with a price ranging from $349 to $700 dollars.
The Apple Watch “performed so well,” according to Best Buy CEO Hubert Joly. Given the strong performance of the smartwatch, Apple and electronics retailer decided to expand the rollout of the Apple Watch to attract mainstream consumers.
Best Buy said the Apple Watch will be available in 900 stores on September 4 and eventually in all 1,047 stores by the end of next month. The company’s CFO Sharon McCollam emphasized that having the Apple Watch in all of its stores is a “big deal.”
Apple reportedly captured 75% of global smartphone market
Apple did not yet reveal its sales on the Apple Watch, which was became available to the market in April. Bloomberg estimated that Apple sold 1.9 million units of Apple Watch since its availability in the market until June.
Strategy Analytics reported that Apple Watch gained 75% of the global smartphone market in the second quarter. The firm estimated that Apple shipped four million units of the device.
Market observers suggested that the nationwide sales performance of the Apple Watch at Best Buy will help determine whether the device will become permanent on the tech giant’s product lineup. Some investors are uncertain whether Apple could keep to producing hit products like the iPhone and iPad to maintain its growth.
Best Buy shares surged on earnings beat
Meanwhile, the stock price of Best Buy surged more than 12% to $32.96 per share after the company reported second-quarter earnings that exceeded the expectations of Wall Street analysts.
The electronics retailer reported earnings of $0.46 per share on $8.53 billion in revenue. Analysts expected Best Buy to deliver earnings of $0.34 per share on $8.29 billion in revenue.