Best Buy Shares Soar 18% on Revenue Gains, Strong May Sales Momentum
BBY•Best Buy shares jumped 18% Thursday after reporting revenue gains across major product categories and strong May sales momentum. The surge reflected selective retail resilience as US consumer spending rose in April despite elevated inflation and rising gasoline costs.
1. Share Price Surge
Best Buy shares climbed 18% during Thursday trading after the company highlighted upside revenue surprises and a robust start to May sales, marking one of its largest single-day gains in recent months.
2. Revenue Improvement and May Sales Momentum
The retailer reported broad-based revenue growth across its major product categories, noting that recent promotional strategies and inventory management helped drive higher average transaction values as the month began.
3. Consumer Spending and Retail Resilience
This performance coincided with US consumer spending growth in April despite persistent inflation and rising gasoline costs, underscoring a divide between retailers offering value-focused propositions and those exposed to discretionary demand pressures.
