RICHFIELD, Minn. (AP) — 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.

(© Copyright 2018 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.