Retailers Rally Into Holiday Season After Earnings Blowouts
- Best Buy is the top performer on the S&P 500 after results
- Abercrombie, Burlington Stores climb on encouraging outlooks
A shopper at a Best Buy store in New York.
Photographer: David Dee Delgado/BloombergThis article is for subscribers only.
A slew of retailers from Best Buy Co. to Abercrombie & Fitch Co. blew past earnings expectations Tuesday, sparking a rally in their shares at the start of a key holiday season.
Consumer-electronics retailer Best Buy was the top-performing stock on the S&P 500 Index Tuesday with a 13% gain after improving its annual outlook for profit and comparable sales. Abercrombie, American Eagle Outfitters Inc. and Burlington Stores Inc. climbed at least 18% each on better-than-expected quarterly reports, with Burlington’s 21% jump marking its biggest advance in more than nine years.