Best Buy says its sales are rebounding as stores reopen
The company said Tuesday that it's brought back about half of those workers as demand rebounds.A shopper makes a purchase at a Best Buy store in Corpus Christi, Texas.said Tuesday that it's brought back about half of its furloughed employees as sales rebound and customers buy more computers, appliances and tablets.
The retailer said in a news release its second-quarter sales are up about 2.5% through July 18, compared with the same period a year prior. That includes sales growth of 2% in the U.S. and about 8% internationally, the company said.Best Buy shares jumped nearly 5% on the news. Best Buy saw strong demand in the early weeks of the pandemic as customers bought kitchen appliances, computer monitors and laptops to help them cook, learn and work from home. Stores switched to a curbside only model, even though the retailer was deemed an essential retailer.
In mid-April, however, Best Buy said the company laid off about 51,000 hourly employees and cut executive pay. In mid-June, it began bringing back those employees and now half have returned.
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