Thursday, 21 May 2020

Best Buy quarterly same-store sales fall over 5%

Best Buy Co Inc reported a 5.3% fall in quarterly same-store sales on Thursday, as the electronics retailer had to close stores due to the COVID-19 pandemic.

Best Buy's revenue fell to $8.56 billion (£7 billion) from $9.14 billion, in the first quarter ended May 2. However, the company said domestic comparable online sales rose over 155%.

The company's net earnings fell to $159 million, or 61 cents per share, from $265 million, or 98 cents per share, a year earlier.

The company declared a quarterly cash dividend of 55 cents per share.

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