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Best Buy Surges as Retailer Boosts Forecast on Sales Gains

  • Chain cites ‘improved expectations’ for holiday quarter
  • Best Buy is ‘poster child’ for battling Amazon, analyst says
A customer pushes an LG Electronics Inc. television box in a shopping cart outside a Best Buy store.
A customer pushes an LG Electronics Inc. television box in a shopping cart outside a Best Buy store.Photographer: Mark Kauzlarich/Bloomberg
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Best Buy Co. entered the holiday shopping season on a positive note after posting quarterly sales that topped estimates and raising its full-year-outlook, sending the shares higher.

Fueled by demand for appliances, headphones, tablets and services like tech support, comparable-store sales in the U.S. rose 2%, easily beating analysts’ projections. The Minneapolis-based consumer-electronics retailer also boosted its forecast for that key retail metric and for profit this year, as its hometown rival Target Corp. did last week.