Analysts also commended Best Buy for exercising control over promotions and expenses, which contributed to the retailer upping its operating margin forecast for the fourth quarter. The electronics chain also continued to increase its U.S. online sales by double digits, bumping its penetration to 16.7 percent of its domestic revenue.
Best Buy has been reinventing itself under the leadership of CEO Hubert Joly, who has instilled a culture of cost savings and providing shoppers with expertise and experiences that cannot be replicated online.
Still, it's facing intense competition from Amazon, which continues to undercut retailers on price. Neil Saunders, CEO of retail research firm Conlumino, nodded to the fact that Amazon pushed its own lineup of tablets during the holiday period, offering deep discounts on these products.
Over the past year, Best Buy shares are down roughly 33 percent.
"We think the stock will trade lower on the [comparable sales] miss but believe this presents an even better buying opportunity for one of the cheapest stocks in hardlines that we expect to compete well in 2016," Citi analyst Kate McShane told investors.