Arab Times

NEW YORK:

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Best Buy’s profit jumped 21 percent as the nation’s largest consumer electronic­s retailer increased sales online and tried to create a better shopping experience in the stores while it also cut costs.

Its shares soared 19 percent after the company said online sale rose 24 percent to $835 million, a beacon for investors who have watched Amazon.com eat away at the sales of almost every traditiona­l retailer. The stock surge marked the largest daily percentage increase since mid-December 2008.

Revenue at establishe­d stores, an important measure of a retailer’s health, also managed a gain of 0.8 percent when Wall Street, according to a survey by FactSet, had expected a decline of 0.4 percent. The company has been working on revamping its stores and improving sales staff training to convert browsers into buyers.

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