Best Buy Shares Explode Higher

People walk past a Best Buy store in New York August 21, 2012. REUTERS/Brendan McDermid Thomson ReutersPeople walk past a Best Buy store in New York

Best Buy shares are up 10% in pre-market trading after the company reported a great quarter.

The electronics retailer reported earnings of $US0.32 per share, beating expectations for $US0.25.

This was driven by 2.2% comparable store sales growth. Analysts had forecast a 2.0% drop.

“The sales trends we are seeing in our business as we enter the fourth quarter are encouraging from a top-line perspective,” CFO Sharon McCollam said.

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