Best Buy Co. continued benefiting from online sales and items that help consumers work, learn and cook from home during the coronavirus pandemic, pushing sales up 21% in the latest quarter.
The retailer on Tuesday reported $11.85 billion in third-quarter sales, up from $9.76 billion in the same three months last year and beating Wall Street estimates. Comparable online sales nearly tripled in the U.S., its largest market.
Domestic comparable sales rose 23%, while international comparable sales rose 27%. Comparable sales include those from stores temporarily closed or operating a curbside-only model during the quarter due to Covid-19.
Big-box retailers have generally fared well during the pandemic, enticing shoppers with a one-stop place to shop, especially for in-demand product categories such as electronics, home-improvement supplies and food. In contrast, many department stores and apparel retailers—already weakened by the shift to online shopping in recent years—have struggled after having to close early in the pandemic.
Best Buy warned that the pandemic-driven lift will eventually taper off, and it didn’t issue financial outlook due to the pandemic’s uncertainty.