The outside of a Best Buy store is seen in Westbury, New York, U.S., May 23, 2016.  REUTERS/Shannon Stapleton

The outside of a Best Buy store is seen in Westbury, New York, U.S., May 23, 2016. REUTERS/Shannon Stapleton (Copyright Reuters 2016)

Best Buy's same-store sales beat estimates

Markets Reuters

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

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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.

(Reporting by Gayathree Ganesan in Bengaluru; Editing by Martina D'Couto and Sai Sachin Ravikumar)