Best Buy earnings beat on 20% sales jump as consumers buy tech to work, stream shows at home

Best Buy said Tuesday fiscal second-quarter sales rose nearly 20% as consumers continued upgrade devices and equipment to support habits formed during the pandemic — from hybrid work to streaming TV shows.

Shares were up 4% in premarket trading.

Here’s what the company did for its fiscal second quarter ended July 31 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

Earnings per share: $2.98 adjusted vs. $1.85 expected
Revenue: $11.85 billion vs. $11.49 billion expected
The consumer electronics retailer’s second-quarter net income rose to $734 million, or $2.90 per share, up from $432 million, or $1.65 per share, a year earlier.

Excluding items, it earned $2.98 per share, higher than the $1.85 per share expected by analysts surveyed by Refinitiv.

Net sales rose to $11.85 billion from $9.91 billion a year earlier, outpacing estimates of $11.49 billion.

Shares closed Monday down 0.42% to $112.16, bringing the company’s market value to $28.09 billion. As of Monday’s close, Best Buy shares are up about 12% this year.

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