Best Buy stock gains after earnings beat but mixed outlook, sees tech sales bottoming this year

Shares of Best Buy Co. Inc. BBY, +1.93% got a 0.5% boost in premarket trading Tuesday, after the consumer electronics retailer reported fiscal second-quarter results that beat expectations, while providing a mixed full-year outlook. Net income for the quarter to July 29 fell to $274 million, or $1.25 a share, from $306 million, or $1.35 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.22 was above the FactSet consensus of $1.06. Revenue fell 7.

58 billion, topping the FactSet consensus of $9.52 billion, as same-store sales fell 6.2% but beat expectations for a 7.0% decline. For fiscal 2024, the company lowered its guidance ranges for revenue to $43.8 billion to $44.5 billion from $43.8 billion to $45.2 billion and for same-store sales declines to 4.5% to 6.0% from 3.0% to 6.0%, but bumped up its adjusted EPS guidance to $6.00 to $6.40 from $5.70 to $6.50.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Jobs report, inflation data, Best Buy earnings, US Open top week aheadIt's a big week for jobs and housing data as well as more retail earnings as investors wind down the final days of August leading into the Labor Day holiday weekend.
Source: FoxBusiness - 🏆 458. / 53 Read more »

Jobs and Inflation Data, Salesforce and Best Buy Earnings, and More to Watch This WeekEarnings reports from Best Buy, HP, Salesforce, Broadcom, Dollar General, and more. Plus, August jobs data, July core PCE inflation, and the July JOLTS report.
Source: MarketWatch - 🏆 3. / 97 Read more »