Best Buy sees solid second quarter as tech services boost profit margin

Earnings

Best Buy beat Wall Street estimates for quarterly same-store sales on Thursday, as the consumer electronics retailer sold more wearables and tablets and signed up more people to its subscription-based tech support services.

Best Buy’s overall same-store sales rose 1.1% in the first quarter ended May 4. Analysts on average had expected a 0.9% increase, according to IBES data from Refinitiv.

Total revenue rose to $9.14 billion from $9.11 billion, in line with analysts’ estimates.

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