Best Buy sales in second quarter are highest in 15 years; company raises forecast
Best Buy said Wednesday its sales grew 6.2 percent in the second quarter compared to the same period a year ago, as consumer electronics continue to become part of everyday life and retailers in general benefit from a confident consumer.
The company also raised its sales and profit outlook for the year ahead, continuing a rally among many of the nation’s leading retailers as they head into the crucial holiday season.
The company now expects same-store sales to rise 3.5 to 4.5 percent, compared to the previous forecast of 2 percent. It edged up its forecast for earnings per share to $4.95 to $5.10, an increase of 5 to 10 cents.
CEO Hubert Joly said in a statement that the sales growth was helped by a favorable consumer environment, and “driven by how consumers are responding to the unique and elevated experience we are building.”
For the quarter, the Richfield-based company reported adjusted earnings of $0.91, an increase of 32 percent, on sales of $9.37 billion.
Sales for the June-to-August period were the largest in 15 years.
Jackie Crosby • 612-673-7335