Best Buy had a great summer. Consumers working and learning from their homes rushed to buy laptops and other appliances to make the shift. Stimulus checks supported the spending. Best Buy's online sales grew 242%, and revenue was up 4%. But the electronics retailer cautioned that its strong performance is unlikely to be repeated in the third quarter. With so much uncertainty surrounding the pandemic and future assistance from the government, Best Buy joined other major retailers in declining to provide forward-looking guidance.
Shares of Best Buy were down 7% to $109 in early trading on Tuesday.