Early holiday deals boosted same-store quarterly sales growth to levels Best Buy has not seen in 25 years.
However, similar to concerns about other big-box stores that have seen sales surge during the coronavirus pandemic, executives at the Richfield-based electronics chain said they don’t believe sales growth will continue at the same rapid pace in the foreseeable future.
Best Buy’s comparable sales grew nearly 23% in August, September and October as shoppers continued to invest in at-home technology. Comparable U.S. online sales grew 174%, only trailing last quarter’s record growth in online sales, the company reported Tuesday.
“We really are pleased that we were able to leverage our unique capabilities including supply-chain expertise, a very flexible store operating model and obviously the ability to quickly shift to our digital channels,” said Corie Barry, Best Buy’s chief executive, during a Tuesday media call. “And that is meeting what is obviously some