Best Buy (BBY) Stock Soaring on Earnings Beat

NEW YORK (TheStreet) -- Shares of Best Buy (BBY) are gaining by 6.57% to $36 in pre-market trading on Thursday morning, after the electronics retailer issued its fiscal 2016 first quarter earnings results, which came in above what analysts were expecting for the period.

On a non-GAAP basis Best Buy said it earned 37 cents per diluted share, compared to the 29 cents per share analysts had forecast.

Revenue for the most recent quarter was $8.56 billion versus the $8.46 billion analysts were anticipating.

The company's comparable store sales grew by 0.6% compared to the 0.1% analysts predicted.

"Throughout the quarter, our strategy of delivering 'Advice, Service and Convenience at Competitive Prices' continued to resonate with our customers. While merchandising, marketing and operational execution were the tactical drivers of our better-than-expected first quarter financial results, strategically," Best Buy CEO Hubert Joly said in a statement.

"We believe the cumulative impact of the progress we have made to improve our multi-channel customer experience is what has allowed us to consistently outperform the market," Joly added.

Separately, TheStreet Ratings team rates BEST BUY CO INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate BEST BUY CO INC (BBY) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth, solid stock price performance, attractive valuation levels and good cash flow from operations. We feel its strengths outweigh the fact that the company shows low profit margins."

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