May 24, 2018 / 11:24 AM / in 8 months

Best Buy first-quarter comparable sales jump, shares up

NEW YORK, May 24 (Reuters) - Best Buy Co Inc, the No. 1 U.S. consumer electronics retailer, reported a forecast beating rise in same-store sales in the first quarter, helped by strong customer demand, sending its shares up 2 percent in premarket trade.

The retailer said same-store sales, or stores open at least a year, rose 7.1 percent in the first quarter ended May 5 versus estimates of a 2.9-percent rise.

The Richfield, Minnesota-based company’s net income rose to $208 million, or 72 cents per share, in the quarter, from $188 million, or 60 cents per share, a year earlier.

Excluding charges, earnings were 82 cents per share.

Analysts had expected earnings of 74 cents per share, according to Thomson Reuters I/B/E/S.

The company’s revenue rose to $9.10 billion, beating estimates of $8.74 billion. (Reporting by Nandita Bose in New York Editing by Nick Zieminski)

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