MINNEAPOLIS — Best Buy Co. Inc. (NYSE: BBY) reported that its online sales increased 242 percent for the 13-week quarter that ended Aug. 1 compared with the same time period last year. Products that help people work, cook and learn at home such as computing, appliances and tablets were the largest drivers of sales growth for the second quarter, according to Corie Barry, CEO of the Minneapolis-based retailer. Sales at open stores grew by 5.8 percent.
However, growth is not likely to continue at the same pace and the retailer will have higher expenses once all of its stores are reopened, according to CFO Matt Bilunas.
“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,” says Bilunas.
There are more than 900 Best Buy stores nationwide.
Best Buy’s stock price closed at $117.36 per share Monday, Aug. 24, up from $67.65 per share one year ago.