The electronics retailer posted another quarter of gains Tuesday, Aug. 29, with earnings of $0.69, an increase of 21% from $0.57 last year and ahead of analyst expectations of $0.63. Revenue came in at $8.94 billion, also beating Wall Street estimates of $8.66 billion.
Most notably, same-store sales rose 5.4% year over year, well above the anticipated 2.2% increase.
Same-store sales rates were higher than expected because of a heightened consumer demand for technology, according to Best Buy CEO and chairman Hubert Joly.
"With our effective merchandising and marketing activities, combined with our expert advice and service available online, in-store and in-home," he said in a statement, "we are garnering an increasing share of those dollars."
Shares of Best Buy have rocketed 40% in the past six months, ringing in at $62.47 Tuesday morning before the bell. Its strong performance led execs to raise its outlook for full year revenue growth from 2.5% to 4%.
"The increased topline expectations are being driven by the anticipation of continued positive industry and consumer momentum, coupled with the impact of product launches," the company said.
But Best Buy is still losing sales to Amazon, despite not being in the hot seat come earnings time. It has lost around 10% of sales to the online retailer, Wedbush Securities analyst Michael Pachter told TheStreet recently.
Shares rose 3.2% to $64.49 in pre-market trading.
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