FILE PHOTO: A sign marks a Best Buy store in Salem, New Hampshire, U.S., November 25, 2019. REUTERS/Brian Snyder
November 26, 2019
(Reuters) – Best Buy Co Inc <BBY.N> beat market expectations for quarterly same-store sales and forecast strong earnings in the holiday quarter on Tuesday, as the consumer electronics retailer’s after-sale services helped pull in more customers into stores.
Shares of the company rose 5.5% in premarket trading as overall same-store sales rose 1.7% in the third quarter ended Nov. 2, beating analysts’ average estimate of a 1.3% increase, according to IBES data from Refinitiv.
The company forecast fourth quarter adjusted earnings of $2.65 to $2.75 per share, largely above Wall Street expectation of $2.65.
(Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)
