Best Buy Share Jump after Online Sales Improve

Shares of Best Buy Co Inc (NYSE: BBY) jumped more than 16% after the retailer released quarterly earnings and showed a surprising surged in online sales.

The company revealed that online sales increased about 24% comparing to previous year.

As for overall performance. The company reported a quarterly profit of $198 million, equivalent to 61 cents a share, compared with $164 million, or 46 cents a share, a year ago. Total revenue increased by 0.1% to $8.53 billion, while analysts expected $8.4 billion.

“We are encouraged by the quality of our execution, the momentum in our business and the strength of our first-half financial results,” Best Buy CEO Hubert Joly said in a statement.

The guidance for the current quarter are that sales at existing stores will be flat or rise up to 1%. It forecast adjusted per-share earnings between 43 cents and 47 cents a share, in-line with the consensus estimate of 45 cents a share.

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