Best Buy stock gains as new gadgets and higher tax refunds boost sales

May 28, 2026 - 21:35

Best Buy shares climbed Thursday after the electronics retailer reported stronger-than-expected sales, fueled by a wave of new device releases and a bump in consumer spending from higher tax refunds. The company posted quarterly revenue that beat Wall Street estimates, signaling that shoppers are finally opening their wallets for upgrades after a prolonged slump in discretionary electronics spending.

The positive results arrive at a pivotal moment for the chain. This is the first earnings report since Best Buy announced that CEO Corie Barry will leave the company at the end of the third quarter. Barry, who has led the retailer through a turbulent period of post-pandemic normalization and inflation-driven pullbacks, is stepping down as the company looks to a new leader to navigate shifting consumer habits.

Executives pointed to strong demand for laptops, home theater equipment, and the latest smartphone models as key drivers. They also noted that larger tax refunds compared to last year gave customers more room to spend on big-ticket items. The company maintained its full-year outlook, suggesting management sees the momentum continuing into the spring. Investors responded by pushing the stock up in after-hours trading, betting that the product cycle and cash-back season will keep the registers ringing.