Best Buy Stock Hits All-Time High
On Friday, as both the S&P 500 and the Nasdaq index set new record highs, Best Buy (NYSE: BBY) notched its own milestone in its 35-year life as a publicly traded company. The electronics retailer's stock hit its peak, on two instances reaching $114.25 per share during the trading day.
Although the retail sector has been decimated by the economic damage wrought by the coronavirus pandemic, Best Buy has held up relatively well. Early in the crisis, in the wake of store closings, it modified its business to contactless, curbside-only pickup, and delivery. Consequently, sales in the final six weeks of its first quarter of fiscal 2021 were 81% those of the same period of 2019. Other retailers saw their top lines erode at much steeper rates.
Image source: Best Buy.
Source Fool.com