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Best Buy posts better-than-expected rise in same-store sales
August 29, 2017 / 11:08 AM / 25 days ago

Best Buy posts better-than-expected rise in same-store sales

Aug 29 (Reuters) - Best Buy Co Inc, the No.1 U.S. electronics retailer, reported a better-than-expected rise in quarterly sales at established stores, helped by strong demand for smartphones, connected home and wearable devices.

Best Buy said on Tuesday sales at established stores rose 5.4 percent in the second quarter July 29. Analysts on average had expected 2.1 percent, according to Consensus Metrix.

Net income attributable to Best Buy rose to $209 million, or 67 cents per share in the quarter, from $198 million, or 61 cents per share, a year earlier.

Richfield, Minnesota-based Best Buy’s net sales climbed 4.8 percent to $8.94 billion. (Reporting by Vibhuti Sharma in Bengaluru; Editing by Sai Sachin Ravikumar)

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