Best Buy same-store sales surge, tops 4Q expectations

Best Buy is reporting surging sales at stores and it's topped Wall Street's profit and revenue expectations for the fourth quarter.

Sales at comparable stores jumped 9 percent during the period that includes the critical holidays.

The consumer electronics retailer on Thursday posted net income of $364 million, or $1.23 per share. Earnings, adjusted for one-time gains and costs, were $2.42 per share, blowing past the per-share projections from analysts of $2.05, according to Zacks Investment Research.

Revenue for the Richfield-based company was $15.36 billion, well above projections for $14.57 billion.

Shares of Best Buy Co. jumped 7 percent before the opening bell.