Best Buy emerged on top of all analyst expectations by generating a whopping $11.85 billion in their third-quarter revenue in statistics revealed on Tuesday. Several economists believe this is due to the ongoing pandemic. Online orders are at their peak with the world dealing with the coronavirus. People prefer staying at home and ordering groceries, electronic appliances, or home appliances. You name it, Best Buy has it! Best Buy offers same-day delivery, curb-side delivery and store pick up. All of these are significant factors for the increase in revenue.
With coronaviruses’ second wave approaching you would normally expect a sharp rise in stock. Dismally, Best Buy’s stock sank up to 5% after renowned executives hesitated to give their predictions for the progress of the retailer during the fourth quarter.
Best Buy CEO Corie Bary commended the efforts of her employees for staying resilient during such unprecedented times. In addition to this, she believes the company possesses exceptional supply chain knowledge, owing to the brilliant minds included on the board of officials. She also believes Best Buy’s flexible store functioning strategies have paid off quite well.
As soon as the epidemic hit the US, Best Buy was quick to shift to digital platforms and offered similar services to mimic a physical shopping experience for its consumers. Corie Bary also informed how the company wants all its consumers to feel as if they are in control. At Best Buy consumers is the priority and this has been reflected through every effort made by the company in keeping things afloat ever since the coronavirus predicament.
The launch of new consoles from Sony and Microsoft has bolstered Best Buy’s sales as well. The retailer is expected to witness a further surge in sales due to the holiday season sale. Even though Best Buy may face some inventory constraints we are certain it will pull through like it always does!