Best Buy boosts pay as coronavirus drives sales
Shares of Best Buy have surged more than 4 percent in after-hours trading Tuesday on news that the retailer's online sales rose 255 percent quarter-to-date through July 18 compared to the same period last year due to increased demand during the coronavirus pandemic.
“Strong consumer demand, combined with shopping experiences that emphasize safety and convenience, has helped produce our sales results to date,” Best Buy CEO Corie Barry said in a statement. “None of this would be possible without the effort and energy of our front-line employees working in stores, supply chain facilities and customers’ homes."
According to the company, the largest areas of sales growth were in the computing, appliance and tablet categories.