Best Buy (NYSE:BBBY) 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.
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."
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 cents per share. Analysts were expecting Best Buy would earn 44 cents per share, according to Refinitiv.
The company’s revenue fell to $8.56 billion, from $9.14 billion a year earlier, beating analysts’ estimate of $8.16 billion.
Best Buy’s same-store sales were down 5.3%. Analysts estimated same-store sales would drop by 10%.
Domestic same-store sales were down 5.7%. International same-store sales were down 0.2%.
BBBY shares decreased $1.79, or 2.2%, to $79.75
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