Covid-19 pandemic has seen its share of retail success stories such as; Wayfair W , Home Depot HD and Lowe’s LOW . But the retailer that has outmaneuvered everyone, is Best Buy. Meanwhile, Best Buy has redesigned four stores to help meet the surge in demand for online orders ahead of the holiday season. The remodels, which include the company's Shakopee, Burnsville, Eagan and Apple Valley locations, were completed on November.
According to CEO Corie Barry, the remodeled locations would result in additional space for staging products for in-store pickup and to support ship-from-store transactions. In addition, the new stores provide the ability to stage inventory for items that may not be on the safes floor.
Barry added; '' that it would take time to calculate the return on investment for the remodeling due to the pandemic's impact on Best Buy's demand and operations.'' On March, Barry made the decision to close Best Buy’s stores down for everything but curbside pickup. And, in so doing, the firm was able to see how many orders needed to be fulfilled online and also how many pickup orders were requested by geography.
Moreover, Best Buy recorded a third-quarter profit of $391 million, or $1.48 a share, compared with $293 million, or $1.10 a share, in the year-ago period. Also, the company's sales rose 21% to $11.85 billion, up from $9.76 billion a year ago. Online sales increased 174% and comprised 35% of Best Buy's total domestic sales for the quarter.
The company witnessed growth across most of its categories, especially computing and appliances. In addition, Best Buy's home theater category returned to growth and was a significant contributor to the company's 23% domestic comparable sales increase and 27% international sales increase.
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