Please ensure Javascript is enabled for purposes of website accessibility

Best Buy Sees a Coronavirus Sales Spike

By Daniel B. Kline - Mar 18, 2020 at 11:05AM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

More people need tech gear to work from home.

With workers being forced to work from home due to coronavirus, Best Buy (BBY 4.77%) has seen a spike in sales, according to the Star Tribune.

The sales increase has been driven by people buying monitors, keyboards, laptops, webcams, and other items needed to work out of your house comfortably. Best Buy has also seen a big jump in sales for freezers and refrigerators as people look to stock food for what could be a long period of social distancing.

Changed times help Best Buy

Efforts to limit the spread of coronavirus have forced companies that can get work done remotely to require employees to work from home. In many cases, workers may need to add technology items to work from home comfortably. A second monitor, for example, is a luxury for someone who works from home occasionally, but becomes a needed productivity tool if you work at home for an extended period. 

"We are seeing a surge in demand across the country for products that allow people to work or learn from home, as well as those products that allow people to refrigerate or freeze food," Best Buy spokesperson Carly Charlson said in a statement. "Our teams are working hard to meet this demand while keeping their safety top of mind."

A surprising retail winner (for now)

Grocery chains and warehouse clubs have so far been the big winners of the current downturn. Best Buy is an unexpected winner, because its merchandise isn't quite as essential. What has yet to be seen is whether this run on technology will continue or burn out as demand gets filled (since monitors don't get used up the way groceries do).

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Best Buy Co., Inc. Stock Quote
Best Buy Co., Inc.
BBY
$74.69 (4.77%) $3.40

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
336%
 
S&P 500 Returns
115%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 06/27/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.