Best Buy
hiked its full-year forecast Tuesday, as it topped Wall Street’s quarterly sales expectations and customers turned to the retailer to upgrade tech devices and splurge on new computers, gaming consoles and smartphones.
The consumer electronics retailer said it now expects revenue of between $41.65 billion to $41.95 billion for the full year, higher than its previous range of $41.1 billion to $41.9 billion. It expects adjusted earnings per share of $6.25 to $6.35, compared to its prior range $6.15 to $6.30.
Best Buy said it expects full-year comparable sales, a metric that tracks sales online and at stores open at least 14 months, to range between a 0.5% rise to a 1.2% increase, compared to its previous expectations for a 1% decline and a 1% climb.
In the company’s news release, CEO Corie Barry said Best Buy saw “better-than-expected sales” for the quarter because of strong results across computing, gaming and mobile phones. She said sales grew across both its website and stores.
