Best Buy’s outlook on sales improves ahead of the holidays
NEW YORK (AP) — Best Buy’s profit and sales slipped in the third quarter on weakening demand for electronic gadgets, but it beat expectations and the retailer said a downturn in comparable stores sales this year will not be as bad as it had expected. Shares jumped 8% at the opening bell Tuesday. The consumer electronics chain earned $277 million, or $1.38 per share adjusted for one-time costs. That easily beat the per-share earnings of $1.03 projected on Wall Street. Last year in the same period, the company earned $499 million, or $2 per share. And the company said that the trail-off in comparable stores sales for the year will not be as bad as it had projected earlier.