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Best Buy Jumps on Revising Outlook One More Time

·1 min read

By Dhirendra Tripathi

Investing.com – Best Buy stock (NYSE:BBY) traded higher by 4.8% in Tuesday’s premarket as the company revised its guidance once more following better-than-expected second-quarter results.

The company had last revised its forecast in May.

Best Buy CEO Corie Barry said customer demand for technology products and services during the quarter remained very strong as people looked for solutions that help them work, learn, entertain, cook and connect at home. Overall strong consumer spending ability, aided by government stimulus, improving wages and high savings levels also bolstered demand, he said.

The electronic goods retailer revised its forecast for enterprise comparable sales growth in 2022 to 9%-11% from 3%-6%. Enterprise revenue is now seen between $51 billion and $52 billion.

Barry said consumer appetite for upgrade remains elevated, owing to changes in technology and the adoption of hybrid work and streaming entertainment content.

Enterprise comparable sales rose 20% in the second quarter and enterprise revenue was 16% higher at $11.84 billion. Adjusted earnings per share on a diluted basis was $2.98 and comfortably surpassed the $1.89 estimate put out by analysts.

 

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