Best Buy Sidesteps the Carnage in the Retail Sector

Best Buy somehow managed to once again sidestep the carnage in the retail sector, and is getting rewarded accordingly.

Author:: TheStreet Staff
Publish date:: May 25, 2017 8:32 AM EDT

Best Buy (BBY) - Get Report somehow managed to once again sidestep the carnage in the retail sector, and is getting rewarded accordingly.

Shares of the electronics retailer surged 11% to $55.85 in pre-market trading Thursday as first quarter earnings came in at 60 cents a share, much higher than Wall Street estimates for 40 cents a share. Net sales clocked in at $8.53 billion, beating analyst forecasts for $8.28 billion.

Best Buy's same-store sales rose 1.4% in the U.S, while online sales rose 22.5%. Wall Street probably especially liked the results in light of how challenging the electronics market was during the quarter.

This article was written by a staff member of TheStreet.