Shares of Best Buy Co. jumped on Friday after the electronics chain showed signs of starting to reverse declining sales during the critical holiday selling season, a better-than-expected result.
Best Buy has been facing tough competition from discounters and online retailers, as people browse electronics in stores and then go home to buy them more cheaply online.
The chain said that revenue at stores open at least a year fell 1.4 percent for the nine weeks ended Jan. 5. The company’s U.S. performance was flat.
While this was slightly below the 0.3 percent increase Best Buy reported a year ago, President and CEO Hubert Joly said that it was better than the past several quarters.
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