Best Buy credited its healthcare initiatives with improving the company's gross profit rate, according to an Aug. 29 second-quarter earnings report.
"We would expect those initiatives to continue to improve in terms of rate, as we look forward from here on out," Best Buy CFO Matt Bilunas said in the Aug. 29 call, according to a Yahoo Finance transcript. "So into next year and in the years after, both membership and health will continue to help drive a year-over-year improvement."
Best Buy has made a big splash in healthcare in recent years, and it appears as though those investments are paying off. The company purchased remote monitoring company Current Health in 2021 for $400 million. The tech retailer's health system clients for home-based care include Danville, Pa.-based Geisinger, New York City-based Mount Sinai Health System, New York City-based NYU Langone Health, and Charlotte, N.C.-based Atrium Health.