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Best Buy Surges On Strong Q2 Results

Investors greeted Best Buy Co Inc BBY for delivering strong earnings results for the second quarter.

The retailer reported GAAP EPS from continuing operations of $0.56 representing an increase of 22 percent from $0.46 in the same period last year. Its adjusted EPS from continuing operations were $0.57, up 16 percent from $0.49 in the year-ago quarter.

Best Buy generated revenue of $8.53 billion and came in higher than the analysts' predictions of $8.4 billion.

Chairman and CEO, Hubert Joly, said, "In our Domestic business, we are reporting comparable sales growth of 0.8% versus guidance of approximately flat. This is on top of comparable sales growth of 3.8% last year. We saw continued positive momentum in our online sales – delivering a second straight quarter of nearly 24% growth."

Going forward, the retailer expects adjusted EPS to be $0.43-$0.47 on revenue of $8.8-$8.9 billion for the third quarter. The company sees domestic comparable store sales to witness 1 percent growth. Street analysts' are looking for an EPS of $0.45 on revenue of $8.77 billion.

The stock jumped $4.61, or 14.18 percent, to $37.41 in pre-market trading on Tuesday.

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