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Best Buy says innovation in home theater is making televisions a hot holiday item

Innovation in home theater should drive sales, according to Best Buy

Best Buy Co. Inc. said on Thursday that the third-quarter was a strong one for televisions and other aspects of the home theater business, which could drive holiday season sales in the category.

“The combination of new technology and declining average selling prices has been driving growth and interest in the TV category,” said Chief Executive Hubert Joly on the earnings call, according to a FactSet transcript.

TV sales are also a springboard for other items and services.

“It is about helping customers with their entertainment needs, driving growth in audio, streaming devices and other accessories as well as delivery and installation,” said Joly.

Best Buy BBY, +13.70% reported sales of $8.95 billion, up from $8.82 billion last year and beating the $8.85 billion FactSet consensus. Domestic same-store sales for the quarter rose 1.8%.

Earnings per share were 62 cents, beating the FactSet consensus of 47 cents.

Best Buy shares closed Thursday up...