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Best Buy's same-store sales beat estimates

A customer uses her mobile phone as she shops at a Best Buy in Skokie, Ill.
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A customer uses her mobile phone as she shops at a Best Buy in Skokie, Ill.

Best Buy, the No. 1 U.S. electronics retailer, reported better-than-expected comparable-store sales, helped by higher demand for consumer electronics and mobile phones.

The company said sales at established stores rose 1.8 percent in the third quarter ended Oct. 29. Analysts on average had expected a 1 percent rise, according to research firm Consensus Metrix.

Best Buy's net income rose to $194 million, or 61 cents per share, from $125 million, or 36 cents per share a year earlier.

The Richfield, Minnesota-based company's net sales rose 1.4 percent to $8.95 billion, beating the average analyst estimate of $8.85 billion, according to Thomson Reuters I/B/E/S.