Electronics retailer Best Buy said same-store sales rose 8.2 percent in December
Electronics retailer Best Buy said same-store sales rose 8.2 percent in December, driven by demand for notebook computers, TVs and mobile phones.
Shares of Best Buy [BBY 40.23 -1.31 (-3.15%) ], which have been rising in anticipation of strong sales, fell in trading before the the opening bell.
The company reiterated its earnings forecast, which calls for earnigns to be between $3.00 and $3.15 a share in the fiscal year. Analysts expect a profit of $3.10 a share.
Total revenue at all stores was up 13 percent to $8.5 billion during in the fiscal month of December, which ended Jan. 2, and same-store sales for its U.S. stores rose 9.3 percent.
Best Buy said at its U.S. stores, the home office category saw a 28.5 percent increase in same-store sales, driven by purchases of notebook computers and mobile phones.
Consumer electronics same-store sales rose 4.5 percent, helped by demand for televisions.
Same-store sales of appliances rose 16.2 percent, while the services category posted flat same-store sales.
Entertainment software sales declined 0.6 percent, as sales of music and movies continued to decline.
Like many other retailers, Best Buy posted strong growth in online sales. Online revenue rose 34 percent compared with the prior year, driven mainly by growth in Web site traffic.