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Best Buy shares surged by as much as 15% in pre-market trading on Tuesday after the company's second-quarter earnings results surpassed analyst expectations.
This indicated that a turnaround led by CEO Hubert Joly gained some traction, at a time when traditional electronics retailers struggled to grow sales and fend off online competition.
Sales at stores open for at least one year were positive for the first time in three quarters. Analysts had forecast that so-called same-store sales fell 0.5%, but they rose 0.8%.
Customers spent less on mobile phones and gaming consoles, but shopped more for fitness trackers, home theater systems and big appliances.
The retailer reported adjusted earnings per share from continuing operations of $0.57, beating the forecast for $0.43, according to Bloomberg. Revenue totaled $8.53 billion, versus $8.39 expected.
"We saw continued positive momentum in our online sales – delivering a second straight quarter of nearly 24% growth," said Joly in the earnings statement.
To grow sales, the company continued to cut costs, among other measures.
Best Buy reaffirmed its full-year outlook for flat revenue growth, and raised its full-year forecast for operating income.
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