The largest consumer electronics chain in the U.S. reported an increase in sales for the second quarter. Analysts were expecting a decline. Shartia Brantley reports.
Best Buy, the largest consumer electronics chain in the U.S., reported a surprise jump in second quarter sales. Sales rose 0.8 percent - marking four straight quarters of growth. Analysts were expecting a decline of 2 percent. Net income also increased. Greater demand for appliances, TVs and mobile phones pushed sales higher. As well as an aggressive cost containment stategy. In recent years, Best Buy has cut jobs, closed stores and streamlined its management structure. The company exited China and consolidated operations in Canada earlier this year.The chain generated 93 percent of its sales in the U.S. Best Buy CEO Hubert Joly said: "As we look forward, while we are cognizant of the recent financial market turbulence, we believe the combination of an opportunity-rich environment and the strength of our competitive advantages leads us to have a positive outlook about our future prospects, starting with the important back-to-school third quarter." Best Buy shares soared in early trading.