Following Target’s footsteps, Best Buy has augmented its sales growth tremendously throughout this pandemic. America’s giant retailer, Best Buy has witnessed a staggering increase in its sales. A study revealed how three out of four consumers considered Best Buy as an essential grocery shopping destination.
Best Buy shares experienced a rocky track and fell suddenly on pre-market trading conducted on Tuesday even though the sales bolstered up to 23% the same day. In addition to this, pandemic-related same-store sales throughout outlets in Canada and the USA surged. Consumer electronics sales increased up to 23% whereas home appliances and computing and mobile phone sales increased by 14% and 47% respectively.
If you meticulously look through Wall-Mart estimates for Best Buy’s third-quarter you will notice a favorable trend in terms of business growth. Same-store sales were predicted to increase up to 13.8%. However, Best Buy emerged triumphant in this aspect by rising same-store sales to 23%. Moreover, net sales escalated to $11.85 billion in contrast to the expected $10.98 billion. Lastly, diluted EPS rose to $2.06 versus the estimate that was $1.72.
For Best Buy, the new statistics reveal their exceptional strategy to acclimatize according to the vacillating conditions across the world. The company has fastened its same-day delivery service and has initiated a facility through which staff members will carry products to a consumer’s car. Best Buy has introduced curbside delivery and store pickup options as well. Several Best Buy outlets opened their doors to welcome customers again, after remaining closed for a long time of the year as an attempt to curb the spread of the coronavirus.
Best Buy CEO Corie Bary appreciated the staff members for their dedication towards work in such a predicament. Some employees are working around the clock even delivering products to the doorsteps of the consumers. Best Buy is leaving no stone unturned in ensuring that the consumers get whatever they want to, on their terms. The Best Buy CEO ensured that Best Buy will continue following store capacity and disinfecting procedures vigorously as the health of both customers and employees remains Best Buy’s priority. Wearing masks at all times will also be mandatory. Best Buy wants the consumers to know that they are in the driving seat. Whatever they select will cautiously be delivered to them in the safest possible way. Although Best Buy will remain closed over Thanksgiving exciting deals for the holiday sale season are already available online. Hurry up and get your hands on some of your favorite products before they run out of stock and it is too late. You will regret missing out.