REBusinessOnline

Best Buy’s Comparable Sales Grow 23 Percent in Third Quarter

RICHFIELD, MINN. — Best Buy Co. Inc. (NYSE: BBY) reported that its comparable store sales grew 23 percent in the third quarter versus the same period a year ago, a figure CEO Corie Barry called “remarkable.” The Richfield, Minn.-based retailer’s third quarter ended Oct. 31. Barry cited the company’s supply chain expertise, flexible store operating model and ability to shift quickly to digital for the growth in sales. Best Buy’s domestic online sales grew 174 percent in the third quarter. Barry also explained that there is elevated demand for products that help customers work, learn, cook, entertain and connect from home throughout the pandemic that is accelerating Best Buy’s growth. Best Buy reported third-quarter net income of $391 million, up from $293 million a year earlier. The retailer’s stock price closed at $122.04 per share Monday, Nov. 23, up from $74.25 per share one year ago.

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