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

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

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.

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

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