Best Buy Co., Inc. reported on Tuesday (Aug. 25) that domestic comparable online sales jumped 242 percent for Q2 FY21. The electronics retailer also registered an enterprise comparable sales increase of 5.8 percent, according to an announcement.
“Today, we are reporting strong quarterly results in the midst of unprecedented times,” Best Buy CEO Corie Barry said in the announcement. “We are encouraged to see the customer demand for our products and services and are proud of the amazing execution of our teams. “
The company reported that domestic revenue of $9.13 billion rose 3.5 percent compared to last year. It said the rise was mainly fueled by 5.0 percent in comparable sales growth that was offset, in part, by the loss of revenue from 25 permanent retail location closings in the past year.
Appliances, tablets and computing served as the biggest factors in comparable sales growth. Those drivers were offset, in part, by decreases in services, digital imaging and cell phones.
The company said it gave back $143 million to investors via dividends in Q2 FY21. Its board has given permission for a 55 cent quarterly per common share cash dividend that is payable on Oct. 6 to those who are registered for shares on Sept. 15 at the close of business.
As for its overall results, Best Buy reported non-GAAP diluted earnings per share (EPS) of $1.71 on $9.9 billion in revenues. The results came out ahead of analyst expectations of earnings per share of $1.08 on $9.71 billion in revenue.
In July, news surfaced that customers at Best Buy’s U.S. retail locations would have to wear face masks.
The rule was to take effect on July 15, and the company indicated that it was being put into place to “help protect not only our shoppers and communities, but also the tens of thousands of Best Buy employees working to serve our customers each day.”
Best Buy was not the first merchant to require face coverings, as previously reported.