Best Buy reports record second quarter, citing spike in online sales amid pandemic

Best Buy reported a spike in online sales as residents across the country shift to virtual learning and working from home.

The Minnesota-based company reported that domestic online revenue increased 242.2% on a comparable basis, making it a record quarter. This beat the previous record made during last year's holiday season.

“Today, we are reporting strong quarterly results in the midst of unprecedented times,” CEO Corie Barry said in a release. “We are encouraged to see the customer demand for our products and services and are proud of the amazing execution of our teams. However, we have not lost sight of the fact that people continue to suffer, and we extend our sympathy to all those who have lost someone to this virus, are sick with COVID-19 or are facing financial hardship as a result of the pandemic.”

Barry said that products that help people work, learn, connect and cook at home, like computing, appliances and tablets, were the largest drivers of sales growth.

Earlier this month, Target reported historic second quarter 2020 earnings, including a 700% increase in drive-up service. As many families transitioned to working, learning and playing from home, Target saw a 70% growth in electronics sales and 30% increase in home sales.