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Best Buy's sales surprise

Thursday, May 25, 2017 - 00:58

The electronic retailer's comparable sales grew when Wall Street expected a decline. As Fred Katayama reports, sales of gaming and mobile products boosted revenue.

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Investors buying Best Buy shares after the electronics retailer's surprise sales results. The company's quarterly comparable sales rose 1.6 percent when Wall Street analysts had been expecting a decline. Its rising revenue and falling profit also beat forecasts. Driving the positive results: demand for gaming and mobile products. The arrival of delayed federal tax refund checks also boosted revenue. And domestic online revenue grew more than 22 percent. Based on the momentum it sees, Best Buy raised its full year forecast for revenue and operating income. Moody's analyst Charlie O'Shea said, "For the balance of the year, we expect Best Buy to continue to perform at a high level across multiple categories, with appliances likely to be one of the bright spots given market dynamics." Best Buy shares jumped higher at the market open, adding on to their 18 percent gain this year.

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Best Buy's sales surprise

Thursday, May 25, 2017 - 00:58