LONDON (ShareCast) - (Sharecast News) - US electronics retailer Best Buy's first-quarter same-store sales came in ahead of expectations on the Street, with sales of wearable devices and tablets leading the charge.
Same-store sales rose 1.1% in the three months ended 4 May, which was ahead of expectations for a 0.9% increase, while total revenues rose 0.33% to $9.14bn, in line with analysts' estimates.

Gross profits rose 2% to $2.16bn, while net income came in at $265m, or $0.98 per share - up from the $0.72 per share recorded at the same time last year.

"Q1 was a strong quarter and a good start to the year," said Best Buy chairman and chief executive Hubert Joly.

"We reported comparable sales growth at the high end of our guidance and delivered better-than-expected profitability."

Looking forward, Best Buy reiterated its full-year guidance for revenues of £42.9bn to $43.9bn, balancing its better-than-expected first-quarter earnings against its best estimates of impacts associated with the US' recent increase in tariffs on goods imported from China.

As of 1340 BST, Best Buy shares had picked up 2.66% in pre-market trading to $71.01 each.

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