In December, we issued a Bullish Opportunity Alert for Best Buy because of surging consumer demand, driven by YoY strength across multiple product categories including Gaming (+716%), Computers (+46%), TVs (+35%) and Peripherals (+34%).
Mentions revealed a true shift to an omni-channel model, allowing consumers to begin a transaction journey online and pick-up in store as quickly as they needed.
Now, 21Q4 is wrapping up --the quarter ends Jan. 30. -- and demand is on pace for +66% YoY & QoQ growth.
This is an incredible view. Even though the company won't report earnings for a few weeks, we can anticipate whether consumer demand will come up short or exceed expectations. Our data suggests momentum is building.
Digital Purchase Intent Mentions support the hybrid model success Best Buy's CEO touted earlier this year:
"Even as our online sales ramped — and, as of Q3, they were up 175%-ish — 40% of those sales were still being picked up either in our stores or curbside... So, there was this real demand to be able to come to the store to get this item when I wanted it, where I wanted it and as fast as I wanted it."
We'll revisit this name again ahead of its official earnings announcement, but right now...