Earnings

Best Buy sales get an online boost, sending shares higher

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A near empty parking lot in front of a Best Buy store in Montebello, California on April 15, 2020 as the electronics nationwide chain store remains closed to customers but open for pickups.

Frederic J. Brown | AFP | Getty Images

Best Buy said on Tuesday its quarter-to-date sales rose about 2.5%, driven by a surge in online shopping for electronic devices and appliances, sending its shares up 4% in extended trading.

The company, like other retailers, has been spending more on expanding its delivery network as more customers shop online due to the coronavirus crisis.

Best Buy said its online sales jumped more than three-fold in the current quarter through July 18, while overall sales rose…



Source cnbc.com

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