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Best Buy said Thursday its revenue and earnings fell in the first quarter, despite an initial surge of shopping as customers set up their home offices and prepared for kids to attend school remotely during the pandemic.
The retailer’s sales were also affected later in the quarter, as it decided to shut stores to customers and switch to only curbside pickup outside of them. It also temporarily suspended all in-home installations and repairs.
Best Buy shares fell about 2% in premarket trading Thursday.
CEO Corie Barry touted the company’s ability to adapt and keep serving customers, even as it restricted access to its stores. She said it retained about 81% of last year’s sales during the last six weeks of the quarter “even though not a single customer set foot in our stores.”
“The strong sales retention is a testament to the strength of our multi-channel capabilities and the strategic investments we have been making over the past several years,” she said in a news release.
Online sales shot up in the U.S. by 154.4% from a year earlier, but that became the only way for customers to shop at Best Buy.
Here’s what Best Buy reported for the first quarter ended May 2:
Best Buy said first-quarter net income fell to $159 million, or 61 cents per share, from $265 million, or 98 cents per share, a year earlier. Excluding items, Best Buy earned 67…
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