Why Best Buy Stock Surged More Than 10% This Week

Week to date, shares of Best Buy (NYSE: BBY) were up 15.6% as of 10:31 a.m. ET on Friday, according to data provided by S&P Global Market Intelligence. Earlier in the week, Best Buy reported a decline in sales and profits, but its fiscal first-quarter results were better than investors had expected, considering the inflation and supply chain problems across the economy. Other retailers also released better-than-expected results this week, specifically Williams-Sonoma and Macy's. While home goods and high-end luxury are still showing healthy sales increases for Williams-Sonoma and upscale department stores, people are holding back on electronics.