Best Buy (NYSE:BBY) soared on Thursday after getting through the holiday quarter relatively intact despite major supply chain and staffing issues.
Same-store sales fell 2.3% during the quarter but commentary by CEO Corrie Barry on the earnings call indicated that pandemic trends may prove sticky with consumers. She also indicated that Best Buy is strategically investing for future growth.
"We are deliberately investing in our future and furthering our competitive differentiation which, as expected, impacted our Q4 profitability. The biggest areas of investment were our new membership program, technology and Best Buy Health, all core to our future growth potential."
Best Buy traded over $110 for the first time this year after the Q4 profit beat.