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Best Buy to best estimates
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June 1, 2000: 10:13 a.m. ET
Electronics retailer said record sales should let it top 1Q forecasts
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NEW YORK (CNNfn) - Electronics retailer Best Buy announced Thursday that its fiscal first-quarter earnings should top forecasts by more than 20 percent, citing record sales during the period.
The Minneapolis-based chain  said earnings should climb more than 50 percent to about 34 cents a diluted share. Analysts surveyed by earnings tracker First Call predicted the company to earn 28 cents a share for the three months ended May 27.
In the year-earlier quarter, the company earned $47.3 million, or 22 cents a share, when it also reported record results and beat earlier estimates.
Sales in the fiscal first quarter increased 24 percent to $2.96 billion. Sales at stores open at least a year -- a closely watched measure of retail strength known as same-store sales -- gained 9.5 percent in the quarter, although that was off from the 13.5 percent same-store sales gain reported in the year-earlier period. Digital products, personal computers music and movies sales led the gain in the most recent period.
Best Buy also said it is ready to launch an e-commerce site in the next few weeks. While its move into e-commerce has been expected, this is the best indication yet of the timing of the launch.
The full financial results are due to be reported June 13.
Shares of Best Buy (BBY: Research, Estimates) gained 3-5/16 to 67-5/16 in trading early Thursday. 
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