Best Buy shoots up 81% its quarterly profit due to the telework boom

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Electronic products retailer Best Buy posted a net profit of $ 432 million (€ 365 million) between May and July, the company’s second fiscal quarter, which is equivalent to an 81.5% improvement compared to the same period of the previous year, driven by the boom in teleworking and distance education, according to the company.

Best Buy’s turnover in the quarter reached 9,910 million dollars (8,389 million euros), 3.9% more than a year before, with a growth of 3.5% in the domestic market, to 9,128 million dollars. (7,724 million euros), while its international revenues rose 9.4%, to 782 million dollars (662 million euros).

Likewise, the company highlighted the increase registered by its domestic sales through the online channel, with a turnover of 4.85 billion dollars (4,104 million euros), which represents a growth of 242% compared to a year before. Best Buy’s digital billing represented 53.1% of domestic revenue between May and July, compared to 16.1% in the same period in 2019.

“Products that help people work, learn, connect with others, and cook at home, such as computers, appliances and tablets, were the main drivers of our sales growth in the quarter,” said Corie Barry, Counsel. Best Buy delegate.

In the first six months of its exercise, the American chain obtained a net profit of 591 million dollars (500 million euros), 17.5% more than a year before, despite the fact that its income in the first half of its fiscal year fell by 1.1%, to 18,472 million dollars (15,636 million euros).

“As a result of the current uncertainty, we do not offer forecasts,” said Matt Bilunas, the company’s chief financial officer, although the executive announced that the company is confident that its sales in the third quarter will be higher than in the same interval last year.

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