Best Buy's first quarter also saw the beginning of the its Samsung Experience shops in hundreds of locations. While the company won't comment on the sales trends specifically, "the customer response encouraging," Joly said.
"These vendors, Samsung and others, spend billions of dollars developing new products. Just seeing pictures or mock-ups, but without demonstration and explanation, you are missing the point. Vendors are excited about using our platforms in store and online, it's an enhanced experience [compared] to competitors," he said.
(Read More: Best Buy CEO 'Pleased' With Samsung Shops' Early Results)
When asked if other vendors have expressed interest in opening shops similar to the Samsung Experience, Joly said, "You'll have to wait and see."
For its first-quarter financial results, Best Buy excluded the impact of European operations in its reported earnings and revenue because it is selling its 50-percent stake in Best Buy Europe, which makes the comparisons to Wall Street analysts' consensus tricky.
(Read More: Best Buy Exits Europe Venture)
However, if you exclude restructuring charges and include results from Europe, Best Buy earned 36 cents a share, compared with the average analyst forecast of 25 cents a share, reported by Thomson Reuters.
Similarly, Best Buy reported revenue of $9.38 billion, stripping out Europe. But the company tells CNBC, that including Europe, revenues were $10.8 billion, which compares with a $10.6 billion consensus estimate from Wall Street.
Gross margin narrowed to 23.1 percent from 24.9 percent for the quarter. Joly said, the quarter's "gross profit margin erosion is the result of the increased investment in price…the price-matching program is only a marginal impact…it's more because we have made a deliberate investment in price competitiveness."
The one thing that may work in its favor is that Joly has a positive outlook on the state of the U.S. consumer in the near term.
"The U.S. market continues to be relatively good, we don't have a market problem, the things we need to improve are within our control," he said.