Best Buy Third-Quarter Same-Store Sales Rose 5.9%

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Best Buy

(BBY) - Get Report

reported that same-store sales for the third quarter rose 5.9%.

Total sales for the quarter rose 20% to $3.73 billion from $3.12 billion in the same period last year. The company said sales were "driven by a more promotional environment, which impacted gross margins."

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The consumer electronics retailer also reiterated that it expects to meet analysts' expectations for third-quarter earnings of 27 cents a share. Best Buy will release third-quarter results on Dec.12.

Shares of Best Buy were recently down 11.5%, or $3.44, to $26.38 in

New York Stock Exchange

composite trading.