November 26, 2019 / 12:14 PM / 15 days ago

Best Buy beats quarterly same-store sales expectation; shares jump 5.5%

Nov 26 (Reuters) - Best Buy Co Inc 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)

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