While Best Buy's same-store sales grew 23% and its U.S. online sales grew a staggering 174% in the third quarter, shares still fell 7%. The electronics retailer's Chief Financial Officer Matt Bilunas said that sales growth in the fourth quarter is expected, but not at a rate matching that of the third quarter. Citing the uncertainty created by the coronavirus pandemic, Best Buy did not release an outlook for the fourth quarter.
CEO Corie Barry also announced that the company is exiting Mexico amid a broader examination of its business model. Under her leadership, Best Buy adapted quickly to the new conditions introduced by the pandemic.
“The current environment has underscored our purpose to enrich lives through technology, and the capabilities we are flexing and strengthening now will benefit us going forward as we execute our strategy,” she said in a press release.