Is Best Buy Stock a Buy?
Investors are expecting great things from Best Buy (NYSE: BBY) these days. Shares of the consumer electronics retailer are have been setting new record highs just ahead of its fiscal 2021 second-quarter report, which is due out before the opening bell on Aug. 25. Shareholders have enjoyed a 67% return over the last 52 weeks and 26% year to date. Will Best Buy live up to the market's rosy expectations and continue to climb?
Image source: Getty Images.
By all accounts, Best Buy is managing the COVID-19 health crisis better than most retailers. It shifted to an all-curbside delivery model in March, and sales in the remaining six weeks of its fiscal first quarter came in at 81% of the year-ago period's result. Online sales rose 155% in the quarter that ended May 4, including a 300% surge during the curbside-only period. And if you thought that the sudden surge in digital orders might wreak havoc on Best Buy's back-end shipping and inventory systems, you thought wrong. Its store network quickly took an active part in the company's e-commerce efforts.
Source Fool.com
