Best Buy U.S. holiday sales stabilize, shares jump

Best Buy Co Inc (BBY.N) on Friday showed the first concrete signs of a turnaround in its U.S. stores, with flat same-store sales during the key holiday season, helped by sales of tablets and mobile phones and improvement in its online business.

The results surprised analysts, who had expected a decline, and Best Buy shares rose 11.9 percent to $13.66 in afternoon trading.

Best Buy, which is restructuring and faces a looming buyout proposal by founder and former chairman Richard Schulze, saw total revenue slip 0.4 percent to $12.8 billion in the nine weeks ended January 5. Sales at stores open at least 14 months declined 1.4 percent, versus a 0.4 percent decline in the 2011 holiday period.

Read Full Article from Reuters

- Posted: 2013-01-11 14:07:05

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