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Best Buy’s online sales jumped 242.2% to $4.85 billion in Q2

Back-to-school and work-from-home helped the company post respectable Q2 numbers during economic uncertainty.

Best Buy’s online sales jumped 242.2% to $4.85 billion in Q2
[Photo: Flickr user Mike Mozart]

America’s most popular brick-and-mortar retailer has reported its second-quarter results, and things aren’t that bad for the company, considering the overall state of the economy. Specifically, back-to-school and work-from-home seemed to help the company post respectable Q2 numbers during economic uncertainty. Here’s a quick look at the numbers:

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  • Domestic revenue was up by 3.5% from the same period last year to $9.13 billion.
  • But domestic revenue from online sales went stratospheric. Domestic online revenue increased a staggering 242.2% to $4.85 billion.
  • However, the domestic gross profit rate dipped from 24.0% last year to 22.8%.
  • International revenue was up by 9.4% from the same period last year to $782 million.
  • Earnings per share were $1.71, adjusted, beating consensus estimates of $1.08.

Announcing Best Buy’s Q2 numbers, Corie Barry, Best Buy’s CEO said, “Products that help people work, learn, connect, and cook at home, like computing, appliances and tablets, were the largest drivers of our sales growth for the quarter. Trends across most categories and services improved materially throughout Q2 as we opened our stores more broadly for shopping, especially categories like large appliances and home theater that benefit from more experiential shopping.”

You can check out Best Buy’s full Q2 results here.

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