Best Buy says sales growth to slow after work-from-home boom

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Chief Financial Officer Matt Bilunas said third-quarter sales would likely taper from levels of 20% growth, which was spurred by a surge in online demand for computers and other electronic accessories needed to work from home.

Best Buy’s comparable sales rose 5.8% in the second quarter ended Aug. 1, beating analysts’ average expectation of a 3.7% increase, according to IBES data from Refinitiv.

Overall revenue rose nearly 4% to $9.91 billion as U.S. online sales more than tripled and beat market expectation of $9.71 billion.

The company’s net earnings rose to $432 million, or $1.65 per share, from $238 million, or 89 cents per share, a year earlier.