Best Buy same-store sales surge, tops 4Q expectations

Best Buy same-store sales surge, tops 4Q expectations
In this May 23, 2017, photo, cars are parked in front of a Best Buy in Las Vegas. Best Buy reports financial earns on Thursday, March 1, 2018. (AP Photo/John Locher)

RICHFIELD, Minn.  /March 1, 2018 (AP)(STL.News) — Best Buy is reporting surging sales at stores and it’s topped Wall Street’s profit and revenue expectations for the fourth quarter.

Sales at comparable stores jumped 9 percent during the period that includes the critical holidays.

The consumer electronics retailer on Thursday posted net income of $364 million, or $1.23 per share. Earnings, adjusted for one-time gains and costs, were $2.42 per share, blowing past the per-share projections from analysts of $2.05, according to Zacks Investment Research.

Revenue for the Richfield, Minnesota, company was $15.36 billion, well above projections for $14.57 billion.

Shares of Best Buy Co. jumped 7 percent before the opening bell.


By Associated Press – published on STL.News by St. Louis Media, LLC  (Z.S)