Best Buy Stock Rises On Earnings
Best Buy Co Inc's shares rose 4.4% on Thursday after the electronics retailer reported a higher-than-expected quarterly profit, driven by strong demand for gaming consoles and appliances.
The company's net income rose to $355 million, or $1.39 per share, from $172 million, or 69 cents per share, a year earlier. Revenue increased 7.4% to $11.85 billion, beating analysts' estimates of $11.73 billion.
"We're pleased with the progress we're making in our business," said Corie Barry, Best Buy's chief executive officer, in a statement.
Best Buy has been benefiting from a strong gaming console market, particularly with the popularity of PlayStation and Xbox consoles. The retailer has also seen a surge in demand for appliances, such as refrigerators and washing machines.
Best Buy's revenue from online sales rose 18.6% in the quarter, while its same-store sales increased 5.4%.
The company's earnings beat analyst expectations, with shares rising 4.4% to $74.15 on Thursday.
Best Buy's stock has risen 24% so far this year, outperforming the S&P 500 index.
"The company's strong earnings and revenue growth are a testament to its ability to adapt to changing consumer habits and capitalize on trends in the electronics market," said Neil Saunders, managing director of GlobalData Retail.
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