Best Buy Co Inc announced Tuesday that the company's first quarterly profit proved CEO Hubert Joly's recovery plan effective. Joly implemented stricter rules that kept the largest consumer electronics chains spending to a minimum. 

The news boosted Best Buy's shares by 10% to USD 33.81, one year after Joly took the management reins. Best Buy was able to lower its expenditures under Joly, a restructuring expert. Joly removed the management's unnecessary components by cutting jobs and closing down stores. The company also matched their competitions' online prices and rearranged store space to give more room for in demand products like smartphones and tablets.

Net earnings increased to USD 266 million or USD 0.77 per share in the second quarter that ended August 4 in comparison to last year's USD 12 million or USD 0.04 per share. Without certain legal settlements and a gain on the sale of Best Buy Europe, the company earned USD 0.32 per share, while analysts expected an average of USD 0.12 cents.

Sales fell 0.4% to USD 9.30 billion, but it bested analyst's estimate of USD 9.13 billion, according to a Thomson Reuters report.