Fox Business Briefs: Best Buy says you will need to wear a mask to shop at any of its stores across the country in an effort to protect shoppers, their communities and employees; hard seltzers posted about $ 1 billion in sales during the week of July 4.
Best Buy shares are up more than 4 percent in post-close trading on Tuesday due to news that the retailer’s online sales increased 255 percent quarterly through July 18 compared to the same period last year. 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 customer homes.”
| Heart | Security | Latest | Change | Change% |
|---|---|---|---|---|
| ABY | BEST BUY | 90.28 | +1.90 | + 2.15% |
According to the company, the largest areas of sales growth were in the computing, home appliance and tablet categories.
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Since Best Buy began allowing customers to shop without an appointment at more than 800 stores across the United States beginning June 15, the company’s retail sales have grown approximately 15 percent compared to the previous year, while Online sales growth was approximately 185 percent compared to the previous year.
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The retailer noted that second-quarter sales increased approximately 2.5 percent through July 18, compared to the same period last year, including 2 percent sales growth in the United States and 8 percent percent internationally.
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Additionally, the company said it will begin increasing its starting hourly wage for all US employees to $ 15 and giving employees a 4 percent increase starting August 2.
A Best Buy employee serves a customer outside a store in Montebello, California on April 15, 2020, as the electronics chain store remains closed to customers but open for pickup. (FREDERIC J. BROWN / AFP via Getty Images)
The move comes after the temporary leave of approximately 51,000 hourly Best Buy store employees in the United States that began on April 19. The company noted that it retained approximately 82 percent of its store and field employees full-time during that time, including most In-Home Advisors and Geek Squad agents.
Approximately half of the 51,000 hourly domestic workers returned from leave as of June 15. Meanwhile, the company has extended health benefits at no cost until September 5 to the remaining licensed employees currently enrolled in a company health plan.
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The company withdrew its guidance for fiscal year 2021 in March and said it will provide additional business updates when it releases its second-quarter fiscal results on August 25.
