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Best Buy Earnings Fall, Target Sales Soar: Here’s How All The Big Retailers Fared In The First Quarter

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Best Buy said its revenue and earnings fell in the first quarter, while Target's sales jumped by skleb1234

reported profits of 61 cents per share on $8.6 billion of revenue, both of which beat expectations but were down from a year ago. Same-store sales fell over 5% during the quarter.

The retailer had initially seen sales spike early in the pandemic as customers stocked up appliances and other supplies for their extended periods staying at home. CEO Corie Barry Despite higher demand for groceries and household essentials during the pandemic, the coronavirus crisis haswith many shoppers skipping higher-margin items like apparel. The company has warned of increased costs related to the coronavirus—including higher pay for workers, store cleaning and other expenses—which have so far totaled roughly $500 million, CEO Brian Cornell said during the company’s earnings call.

 

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