Best Buy reports improved profits

Best Buy reports improved profits

Best Buy has reported an impressive 38% surge in first-quarter profit as the company gained from improved sales of flat-screen TVs. The company also gained from cutting costs as they reduced their expenses in a lot of areas including advertising to corporate travel.

This result came as a surprise to the market as they were not expecting the company to perform this well. As a result, the shares of the company gained 5.4% to touch $51.69 on Tuesday.

Chief Financial Officer Darren Jackson spoke about the company’s performance: “We characterized this as a mixed economic environment and we modestly beat out our own expectations. We felt good about that.”

Best Buy is the America’s largest consumer electronics retailer and the company reported earnings of $234 million, or 47 cents a share, in the three months ended May 27.