Best Buy's official financial statements or earnings report

Best Buy Raises Profit Forecast as Q2 EPS Hits $1.34, Revenue $9.29B

Aug 29, 2024, 11:06 AM

Best Buy Co Inc. reported its second-quarter earnings, surpassing expectations with an adjusted earnings per share (EPS) of $1.34 compared to the estimated $1.16. The company's revenue for the quarter was $9.29 billion, slightly above the anticipated $9.24 billion. Despite a 3.1% decline in total sales, a 3.0% drop in US sales, and a 2.3% drop in comparable sales, Best Buy raised its annual profit forecast, projecting a full-year adjusted EPS of $6.10 to $6.35, up from the previous range of $5.75 to $6.20. This adjustment reflects tighter cost controls that are helping to offset the impact of discounts and promotions. However, the company has lowered its revenue outlook for the fiscal year, now expecting between $41.3 billion and $41.9 billion, down from the earlier range of $41.3 billion to $42.6 billion. The electronics retailer is facing challenges in drawing customers to its stores amid a soft electronics market, losing market share in some categories, although net income increased by 6.2%.