In the retail world, Best Buy was particularly well equipped to navigate the rapid changes wrought by the COVID-19 crisis. As consumers shifted their shopping to online and contactless channels, Best Buy’s years of investments in those areas helped it adapt quickly.
Moody’s senior retail analyst Charlie O’Shea said in emailed comments that Best Buy’s Q1 results “reflect the quality and effectiveness of its multi-channel capability.” Neil Saunders, managing director for GlobalData Retail, called the relatively modest 6.3% decline “nothing short of a remarkable result” given the store closures.
