November 16, 2017 / 12:14 PM / in a month

Best Buy's same-store sales growth misses Street view

Nov 16 (Reuters) - Best Buy Co Inc, the No. 1 U.S. consumer electronics retailer, reported a smaller-than-expected rise in same-store sales in the third quarter, hurt by the late launch of the iPhone X and hurricanes.

The electronics seller said same-store sales rose 4.4 percent in the third quarter ended Oct. 28. Analysts on average had expected a 4.8 percent rise, according to Thomson Reuters I/B/E/S.

The Richfield, Minnesota-based company’s net income rose to $239 million, or 78 cents per share, in the quarter, from $194 million, or 61 cents per share, a year earlier.

The company’s revenue rose 4.2 percent to $9.32 billion. (Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)

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