Best Buy Earnings Beat Wall Street Forecasts

Best Buy has posted third-quarter results that beat Wall Street estimates and raised its full-year outlook, setting the stage for the retailer as it heads into the crucial holiday shopping season, Brooke DiPalma reported for Yahoo Finance.

Best Buy is expecting same-store sales for the full year to grow in the 0.5% to 1.2% range. (Photo: Social Woodlands / Best Buy / Wikimedia Commons)

The retail chain reported same-store sales rose 2.7% in the third quarter, ahead of the 1.6% expected by analysts, according to Bloomberg data.

Adjusted earnings per share came in at $1.40, above the $1.30 expected, on revenue of $9.67 billion — more than the $9.58 billion analysts were looking for. Best Buy said it expects same-store sales for the full year to grow in the 0.5% to 1.2% range, up from the previously expected range of a 1% decline to a 1% increase.

Best Buy stock rose 3% in premarket trading after the results were released. Its US same-store sales rose 2.4%, while online same-store sales increased 3.5% and international same-store sales jumped 6.3%.