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."
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