Best Buy Crushed Expectations Last Quarter
Like other retailers with large brick-and-mortar store fleets, Best Buy (NYSE: BBY) suffered sharp sales declines in the early days of the COVID-19 pandemic. Indeed, sales sagged 6.3% in the first quarter of the company's 2021 fiscal year.
That said, the shift to working, socializing, and attending school from home has boosted demand for technology products. In recent months, Best Buy has started to capitalize on that demand in a big way, allowing the consumer electronics retail giant to deliver a huge earnings beat this week.
Three months ago, Best Buy CFO Matt Bilunas warned investors that sales fell about 5% year over year in the first two weeks of the second fiscal quarter. At the time, Best Buy's stores were open to customers by appointment only. He warned that sales would likely remain under pressure for the full quarter, causing Best Buy's operating margin to decline (as it did in the first quarter).
Source Fool.com
