Best Buy sees growth thanks in part to connected devices
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Best Buy jumped after the gadget retailer lent a spark to what had been a gloomy earnings season by delivering holiday sales that outpaced projections and a full-year profit outlook that topped analysts’ estimates.
Comparable-store sales in the U.S.the retailer’s most-watched metricrose 3 percent in the fourth quarter, beating projections. The midpoint of its profit forecast for the current fiscal year also topped estimates, sending the shares up as much as 16 percent.
Best Buy went all out to capture holiday shoppers, rolling out Black Friday deals early and even adding more toys to its shelves to grab dollars that once went to Toys “R” Us. The nation’s biggest electronics retailer also offered free shipping on online orders, with no minimum purchasea strategy mirrored by fellow Minneapolis retailer Target. The move helped Best Buy’s e-commerce revenue gain 9.3 percent.
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