February 27, 2020 / 12:15 PM / a month ago

Best Buy beats holiday quarter same-store sales estimates

Feb 27 (Reuters) - Best Buy Co Inc beat quarterly same-store sales estimates on Thursday on strong online and app sales, overcoming a largely disappointing holiday season for brick-and-mortar retailers.

However, the company said it would take a financial hit from the coronavirus outbreak in the first half of the year and forecast fiscal 2021 same-store sales growth of flat to 2%, compared with Wall Street’s expectations of a 1.9% increase.

Best Buy’s overall same-store sales rose 3.2% in the fourth quarter ended Feb. 1, beating analysts’ average estimate of a 1.9% increase, according to IBES data from Refinitiv. (Reporting by Uday Sampath in Bengaluru; Editing by Saumyadeb Chakrabarty)

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