Best Buy’s Q3 performance builds on a solid Q1 and even stronger Q2 during the COVID-19 era, with all three quarters benefiting from online and omnichannel growth that the retailer has paved the way for through investments in its business for years.
Best Buy CEO Corie Barry attributed the retailer’s spike in comp sales to its “unique capabilities, including our supply chain expertise, flexible store operating model and ability to shift quickly to digital, to meet what is clearly elevated demand for products that help customers work, learn, cook, entertain and connect in their homes,” according to a statement.
In emailed comments, Moody’s senior retail analyst Charlie O’Shea described Best Buy’s Q3 numbers as a “blockbuster” that reflects “the effectiveness of its multi-channel capability, with both store and online performance continuing to benefit from its exceptional execution.”
Source: Retail Dive