Why Best Buy Stock Jumped Today

Shares of Best Buy (NYSE: BBY) rose 9% on Thursday the consumer electronics leader said it would increase its capital returns to shareholders. 

Best Buy's revenue declined by 3.3% year over year to $16.4 billion in its fiscal 2022 fourth quarter, which ended on Jan. 29. The retailer's comparable-store sales decreased by 2.3% after surging 12.6% in the year-ago quarter.

CEO Corie Barry said Best Buy's sales were dented by inventory shortages that prevented it from stocking some high-demand items during the holiday shopping season. The retailer was also forced to reduce its store hours in some locations, due to staffing issues related to the omicron variant of the coronavirus.

Continue reading

Source Fool.com