How Best Buy Shares Gained 34.6% Last Month
Shares of consumer electronics and home appliances retailer Best Buy (NYSE: BBY) rose 34.6% in April, according to data from S&P Global Market Intelligence. The stock bounced back from a 30% drop in March, and both the downturn and the rebound were driven by the evolving COVID-19 crisis.
Best Buy slumped in March as the novel coronavirus forced its stores to close their doors to shoppers, reverting to curbside pickups and online orders instead. In April, many states started to consider allowing larger crowds again, suggesting a return to normalcy within a couple of months. Management's business update on April 15 tossed more fuel on the fire because the curbside pickup model delivered a respectable revenue stream at 70% of the comparable year-ago period's weekly sales. The company furloughed 51,000 hourly store workers a few days later and reduced executive salaries by at least 20% until further notice.
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Source Fool.com
