But the stock sank about 1 percent despite the strong results as investors fretted about the company's conservative profit outlook for the rest of the year.

Best Buy's sales jumped 13 percent to $7.6 billion in the quarter, from $6.7 billion a year ago. Analysts had expected revenue of $7.5 billion, according to First Call.

The company's sales at stores open at least a year - a key retail measure known as same-store sales - rose 3.7 percent for the quarter.

Best Buy said sales were fueled partly by recent acquisitions and new store openings during the past 12 months, while sales of higher-ticket items such as flat-screen televisions and its services business buoyed profits.

TVs and MP3 products have been the main drivers of comparable sales for Best Buy. But excluding those two categories, the retailer's comparable sales have been slack for almost 18 months, he said.

By:
Copyright © 2023 CST, Inc. All Rights Reserved