Best Buy same-store sales jump 5.8% as pandemic boosts need for new electronics

People sporting masks stroll previous a big face masks check in entrance of a Best Buy close to Columbus Circle that as town enters Phase four of re-opening following restrictions imposed to sluggish the unfold of coronavirus on July 22, 2020 in New York City.

Alexi Rosenfeld | Getty Images

Best Buy on Tuesday reported robust sales progress as clients purchased computer systems, kitchen home equipment and different tech to assist them work, cook dinner and attend faculty at residence through the coronavirus pandemic.

Shares of the corporate had been down about 2% in premarket buying and selling.

Here’s what the corporate did within the fiscal second quarter ended Aug. 1:

  • Earnings per share: $1.71, adjusted, vs. $1.08 anticipated by Refinitiv’s consensus estimates
  • Revenue: $9.91 billion vs. $9.71 billion anticipated by Refinitiv estimates
  • Same-store sales progress: 5.8% vs. 2.3% anticipated, in accordance with FactSet

The nationwide retailer reported second-quarter web revenue of $432 million, or $1.65 per share, a major enhance from $238 million, or 89 cents per share, a yr earlier.

Excluding objects, it earned $1.71 per share, greater than the $1.08 per share anticipated by analysts surveyed by Refinitiv.

Revenue was $9.91 billion, up from $9.54 billion a yr earlier. 

Sales at shops open not less than a yr grew by 5.8%, greater than the two.3% that Wall Street anticipated.

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