Best Buy quarterly same-store sales fall over 5%

(Reuters) – Best Buy Co Inc reported a 5.3% fall in quarterly same-store sales on Thursday, as the electronics retailer had to close stores due to the COVID-19 pandemic.

Best Buy’s revenue fell to $8.56 billion from $9.14 billion, in the first quarter ended May 2. However, the company said domestic comparable online sales rose over 155%.

The company’s net earnings fell to $159 million, or 61 cents per share, from $265 million, or 98 cents per share, a year earlier.

The company declared a quarterly cash dividend of 55 cents per share.

(Reporting by Uday Sampath in Bengaluru; Editing by Vinay Dwivedi)