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Best Buy Co., Inc.

Best Buy shatters profit expectations in summer months

MINNEAPOLIS Best Buy Co. said its fiscal second-quarter profit rose 11.6 percent on stronger-than-expected sales of appliances, big TVs and mobile phones. The company's profit of 49 cents per adjusted share far exceeded the 34 cents analysts were expecting. It shares soared 14 percent on the news, recovering value they had lost over the last month. "The results we are reporting today are strong, with significant bottom- and top-line growth," CEO Hubert Joly told stock analysts in a conference call. For the three months ending Aug. 2, Best Buy, based in suburban Minneapolis, recorded a 2.7 percent jump in sales at comparable stores and a 17 percent jump in online comparable...