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Best Buy Provides Business Update Related to COVID-19

Seeking Alpha | April 15, 2020

Best Buy Co., Inc. today announced business updates related to the novel coronavirus (COVID-19). The following are key points made in the press release.

  • Best Buy (NYSE:BBY) says it has retained ~70% of its sales compared to last year since moving to an enhanced curbside service model with stores closed.

  • Domestic online sales are up over 250% and approximately 50% of these sales are from customers choosing to pick up their products at BBY stores.

  • Despite holding on to a decent portion of sales, Best Buy is temporarily furloughing approximately 51K domestic hourly store employees, including nearly all part-time employees. The company is retaining approximately 82% of its full-time store and field employees on its payroll, including the vast majority of In-Home Advisors and Geek Squad Agents.

  • BBY -1.93% premarket to $68.50.

Read The Full Article Here

#COVID19 #Coronavirus #Retail #BestBuy #Sales

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