Best Buy surges on surprise same-store sales boost

By | August 23, 2016

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“Our teams delivered a strong second quarter, with better-than-expected revenue and profitability in both our domestic and international businesses,” he said in a statement. “We saw continued positive momentum in our online sales—delivering a second straight quarter of nearly 24% growth. We also continued to deliver cost savings and drive efficiencies in the business, a discipline that is critical to our ability to invest in our future.”


That future looks bright, said Charlie O’Shea, an analyst at Moody’s Investors Service. “[Best Buy’s Q2 turnaround] is evidence that a well-managed brick-and-mortar retailer with a well-thought-out strategy that successfully utilizes its physical assets can thrive as it transitions to a true multichannel retailer,” O’Shea told Bloomberg.