Best Buy Co Inc reported better-than-expected holiday quarter profit and sales o...
The sign of a Best Buy store in Pasadena, California U.S., February 28, 2017. REUTERS/Mario Anzuoni
Shares in Best Buy surged 10 percent on the numbers, which come at the end of a year when it and rivals Target Corp and Walmart Inc have all benefited from the impact of rising wages, low unemployment and tax cuts on U.S. consumers. Best Buy also forecast fiscal 2020 adjusted profit of $5.45 to $5.65 per share, the mid-point of which was above analysts’ expectations of $5.49.
The company said comparable sales benefited from growth across categories such as wearables, appliances, smart home and gaming but saw declines in mobile phone sales.
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