Best Buy 2nd-Quarter Profit Beats Forecasts

Best Buy Co., the largest U.S. chain of electronics stores, said fiscal second-quarter earnings grew 32% to $76.7 million, or 36 cents a share, 2 cents better than analysts’ expectations. The retailer said sales rose 18% to $3.17 billion, led by digital cameras, televisions and camcorders, which command higher prices than analog goods. Sales at stores open at least a year grew 5.1%. The company said it expects same-store sales to rise about 4% to 6% in its third and fourth quarters. Best Buy, which operates more than 350 stores, plans to open about 45 additional outlets by the end of the year. Shares of Minneapolis-based Best Buy jumped $4.75 to close at $69.19 on the Big Board.