Best Buy posted its second quarter earnings that exceeded analysts’ expectations, while reiterating its full-year guidance.
Best Buy had cut the sales and profit forecast in late July, saying it expects weaker demand for consumer electronics as people pay more for groceries and gas. The retailer projects same-store sales to drop by about 11% for the 12-month period ending in January.
The retail company’s adjusted earnings for the three months ending June came in at $1.54 per share, well above the $1.27 expected by analysts poled by Refinitiv.
Revenue of $10.33 billion also topped expectations of $10.24 billion.
Sales online and same-store sales fell by 12.1% compared to the year-ago period, vs. Best Buy's guidance of approximately 13% decrease. Chief Financial Officer Matt Bilunas said in a press release that Best Buy is anticipating a sharper plunge in third quarter same-store sales (without providing a specific guidance).