Best Buy Co.’s sales jumped in the latest quarter as the electronics retailer continued to benefit from shoppers spending more freely, but shares fell Thursday as some investors feared there might not be much more room to run.
Same-store sales increased 7.1%, which Chief Executive Hubert Joly attributed to higher consumer confidence and new products. Consumer confidence, as measured in one index, reached a 14-year high earlier this year and remained strong in May, signaling more spending for the months ahead.
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