Best Buy raised its fiscal-year profit guidance Thursday after exceeding earnings and revenue expectations for the most recent quarter.
The retailer now expects to see full-year adjusted earnings per share in the range of $6.10 to $6.35, up from a prior range of $5.75 to $6.20.The retailer now expects to see full-year adjusted earnings per share in the range of $6.10 to $6.35, up from a prior range of $5.75 to $6.20. The company, however, lowered the top end of its guidance ranges for both full-year revenue and comparable sales.
"As we look to the back half of the year, we expect our industry to continue to show increasing stabilization," Best Buy CFO Matt Bilunas said in the company's press release.Here's how the consumer electronics retailer did for the period ended August 3 compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company reported net income for the quarter of $291 million, or $1.34 per share, compared with $274 million, or $1.
As the much-awaited replacement cycle of pandemic-era tech purchases starts trickling in, the retailer is hoping to cash in through marketing and operational initiatives. Best Buy said in July that it will add trained sales teams to three key parts of its stores — computing, appliance, and home theater — and kick off a marketing campaign that includes YouTube videos to draw consumer interest.
Consumer electronics sales have been on a downward trend and are forecast to decline by another 2% in 2024, according to latest research by market research firm Circana.
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