Shares of Best Buy Increase on Good Earnings Report
A strong third quarter report was given by Best Buy just as the electronic retailer moves towards the holiday shopping season. The company's sales and profit surpassed the Wall Street estimates. This resulted in its shares to move up as much as 9%.
The retailer reported 30 cents per share earnings which was almost double than the 16 cents per share that it earned last year for the same quarter. The Wall Street had expected 25 cents per share, which was beaten by the company's positive earnings report.
The net income was $107 million as compared to the $54 million in the previous year. Last year also the retailer had posted revenue of $9.38 billion which surpassed the expectations of $9.32 billion.
Best Buy said though it sold less number of tablets and cell phones this quarter yet this was counterbalanced by the growth in TVs and appliances, computing and gaming.
The company is watchfully hopeful about the holiday season sale and says that there may be pressure on its bottom line because of its competition with other retailers who also have great promotional offers and sell more number of merchandize that cost less.
New Zealand News
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