Profits at BestBuy soared 52 per cent to US$228 million (£113.6 million) in its third quarter.

The US electronics retailer said profits were boosted by sales of flatscreen TVs and satellite navigation systems.

This compares with the same period a year ago, which included Thanksgiving period, when BestBuy posted profits of US$150 million (£74.7 million). However, sales this year were driven by heavy discounting and are against weak comparatives last year, when retailers were involved in a price war after an oversupply of flatscreen TVs.

Sales jumped 17 per cent to US$9.9 billion (£4.93 billion) in the third quarter, with like-for-likes up 6.7 per cent. Online sales rocketed 65 per cent. The retailer opened 127 stores during the period. It plans to open a further 150 worldwide during the final quarter.

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