Best Buy (BBY -1.31%) shareholders beat a rallying market last month. Their stock rose 14% in March compared to a 4.2% increase in the S&P 500, according to data provided by S&P Global Market Intelligence.
The rally put the retailer back ahead of the market so far in 2021 and up over 100% in the past year.
The company didn't issue any operating updates last month, but investors likely continued pushing shares higher following a decline in the last week of February. Best Buy stock dove temporarily, despite the company posting double-digit comparable-store sales growth over the holiday season. That decline set the foundation for stock price gains in March that were supported by positive news on the federal stimulus and pandemic fronts.
The arrival of a third round of stimulus checks likely helped the retailing chain kick off its new fiscal year with strong sales growth that might even beat the 20% forecast that CEO Corie Barry issued in late February. But investors will have to wait for the full first-quarter results, due out in late May, for confirmation that Best Buy is still on track to grow sales this year after notching a near 10% increase in 2020.