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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.

Best Buy (BBY) - Get Best Buy Co., Inc. 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.

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This article was written by a staff member of TheStreet.