Best Buy Profit Gains as Joly Trims Costs
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Best Buy Co. rose after the world’s largest consumer-electronics retailer posted its biggest quarterly profit in more than two years as Chief Executive Officer Hubert Joly trimmed costs and cut prices to spur sales.
The shares jumped 13 percent to $34.80 at the close in New York, the biggest gain since April 4 and the highest closing price since Feb. 7, 2011. Shares of Best Buy, based in Richfield, Minnesota, have more than doubled this year, trailing only Netflix Inc. for the second-best performance in the Standard & Poor’s 500 Index.