retail stocks to buy

Retail Stocks To Buy [Or Sell] Right Now: Best Buy

Another retail giant, Best Buy (BBY Stock Report), specializes in consumer electronics. Following the trend of the two retail stocks above, Best Buy has gained back its lost market share in the months following the pandemic. To date, the share is up by 28.7% and shows no signs of stopping. Prior to the pandemic, the company had invested heavily in expanding its e-commerce platform. Analysts believe this is what spared the retail company from the market crash. Best Buy had turned its physical stores into the pick-up and delivery points for online orders, indicating a shift towards e-commerce.

retail stocks (BBY stock)

Its stores continued to stay open and Best Buy saw a surge in online orders. As more people shifted towards working from home, work and online education boosted its sales. From its fiscal second quarter, sales trends improved tremendously especially in the last seven weeks of the second quarter. As a result, Best Buy’s total revenue grew 5.8% to $9.9 billion compared to a year earlier. It also returned a total of $1.5 billion to shareholders through dividends and share repurchases. With so many good things happening for investors of Best Buy, it does present a solid case to consider buying Best Buy shares.

Analysts are expecting Best Buy’s revenue and earnings to rise 4% and 14% respectively this year. This indicates that Best Buy’s prospects remain bright. More so when compared to its retail peers, you can see that Best Buy is weathering through this pandemic smoothly. This makes BBY stock a potential retail stock to buy.

Click To Continue To Top Retail Stocks to Watch In October #4>>>


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