Best Buy boasted its strongest online sales ever as shoppers clicked and bought items like computers and tablets as they were forced to work, learn, and connect remotely from home due to the coronavirus.
Online comparable sales for Best Buy's second fiscal quarter jumped 242% to $4.85 billion, beating the Richfield-based retailer's previous record of $3.52 billion during last year's holiday season.
Even with its stores only open to shopping by appointment for nearly half the quarter, its second-quarter comparable sales increased 5%. Overall revenue for May, June and July grew 3.9% to $9.9 billion. Its net earnings increased 81.5% to $432 million.
Best Buy's top retail items were in computing, appliances and tablets.
"Today, we are reporting strong quarterly results in the midst of unprecedented times," said Corie Barry, Best Buy chief executive, in a statement Tuesday. "We are encouraged to see the customer demand for our products and services and are proud of the amazing execution of our teams."
Though it was deemed an essential retailer, Best Buy decided to close its stores to foot traffic in late March. In May, stores reopened for scheduled customer appointments and later in mid-June, to regular foot traffic.
Earlier this year, it also furloughed about 51,000 employees, the majority of which were part-time workers. Best Buy has brought about two-thirds of furloughed associates back to work.
Although the company said it expects an increase of sales in the third quarter, it did not give guidance, saying the economy is still too uncertain.
"Overall, as we plan for the back half of the year, we continue to weigh many factors including potential future government stimulus actions, the current shift in personal consumption expenditures from areas like travel and dining out, the possible depth and duration of the pandemic, the risk of higher unemployment over time, and the availability of inventory to match customer demand," said Best Buy Chief Financial Officer Matt Bilunas, in a statement.
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August 25, 2020 at 07:07PM
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Best Buy's online sales more than triple to highest ever - Minneapolis Star Tribune
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