Best Buy Co., Inc. (BBY - Analyst Report), specialty retailer of consumer electronics, came out with second-quarter fiscal 2016 results, wherein adjusted earnings from continuing operations of 49 cents a share came much ahead of the Zacks Consensus Estimate of 34 cents, and increased 16.7% from the prior-year quarter.

Efficient implementation of the strategy of providing services at reasonable prices helped the company to post better-than-expected results.

Quarterly earnings on a GAAP basis came in at 46 cents a share compared with 39 cents in the year-ago quarter.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2016 and 2017 has been unchanged over the last 30 days. In the trailing four quarters (including the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of 27.1%.

Revenues: Best Buy generated total revenue of $8,528 million that climbed 0.8% year over year, surpassing the Zacks Consensus Estimate of $8,301 million. Consolidated comparable-store sales jumped 3.8%.

Management forecasts third-quarter fiscal 2016 revenue growth to range from flat to negative low-single digits.

Zacks Rank: Currently, Best Buy carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.

Stock Movement: Best Buy’s shares are up nearly 11.7% during pre-market trading hours following the earnings release. Clearly, a positive sentiment is palpable among investors following the company’s better-than-expected results.