By Christiana Sciaudone
Investing.com - Best Buy Co Inc (NYSE:BBY) is making a comeback. Shares are up 9% to an all-time high after the company reported higher sales -- even with fierce competition from the mighty Amazon (NASDAQ:AMZN).
Shares are up about 12% in 2020.
Fiscal quarter-to-date revenue is up 2.5% compared to a year earlier, through July 18. Domestic sales grew 2% and international 8%. Online sales in that time grew 255% from a year earlier, driven by computing, appliances and tablets. From the time stores opened on June 15 through July 18, revenue was up 15% from the previous year. As of June 22nd, almost all stores were open after Covid-related business shutdowns this spring.
Amazon’s net sales increased 26% to $75.5 billion in the first quarter, compared with $59.7 billion in first quarter 2019. Shares are up about 73% this year.
Best Buy releases results on Aug. 25. The company also said it would raise the starting hourly wage for all domestic employees to $15 effective Aug. 2 as a result of strong demand.
The company has 10 buy ratings, nine holds and no sells, according to data compiled by Investing.com, with an average price target of $89.65.