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EARNINGS-Best Buy beats same-store sales estimates on surge in online demand

Credit: REUTERS/MARIO ANZUONI

August 25, 2020 — 07:07 am EDT

Written by Uday Sampath for Reuters ->

Aug 25 (Reuters) - Best Buy Co Inc BBY.N beat quarterly same-store sales estimates on Tuesday as online demand for computers and other electronic accessories needed to work from home surged for a second straight quarter.

Comparable sales rose 5.8% in the second quarter ended Aug. 1, beating expectations of a 3.7% increase, according to IBES data from Refinitiv.

Best Buy said it expected third-quarter sales to be higher than last year, but growth would likely taper in coming weeks.

(Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)

((UdaySampath.Kumar@thomsonreuters.com; within U.S.+1 646 223 8780; Twitter: @sampath_uday; Reuters Messaging: UdaySampath.Kumar.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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