American retail giant BestBuy presented figures for the third quarter. Stock rises more than eight percent in pre-trading.
The company had a turnover of 9.38 billion dollars, up from 9.32 billion in the same quarter last year. BestBuy has thus crushed analysts’ expectations, which according to Bloomberg was $9.1 billion.
Although the retail sector is struggling, it can be said that all the news of doom & gloom hasn’t stopped BestBuy’s boom. Even a technical glitch on their website didn’t cause a problem for them this December. However, research released by the National Retail Federation last week disclosed a 5.2 per cent decrease year-on-year in the amount of customers over the festive period. Make of this news what you wish!