Best Buy raises same-store sales outlook

Best Buy Co. Inc. BBY, +7.01% shares rose 4.1% in Tuesday premarket trading after the consumer electronics retailer reported second-quarter earnings that beat expectations and raised its same-store sales guidance for the year. Net income totaled $734 million, or $2.90 per share, up from $432 million, or $1.65 per share, last year. Adjusted EPS of $2.98 was well ahead of the FactSet consensus for $1.89. Revenue of $11.85 billion was up from $9.91 billion last year and also ahead of the FactSet consensus for $11.55 billion. Same-store sales grew 20%, beating the FactSet consensus for 17.2% growth. For the third quarter, Best Buy forecasts revenue of $11.4 billion to $11.6 billion and same-store sales decline of 1% to 3%. The FactSet consensus is for revenue of $10.47 billion and a same-store sales decline of 9.1%. For the year, Best Buy is guiding for revenue of $51 billion to $52 billion and raised its same-store sales guidance to growth of 9% to 11%, up from previous guidance for 3% to 6% growth. The FactSet consensus is for revenue of $49.39 billion and a same-store sales increase of 7.4%. Best Buy shares have gained 12.4% for the year to date while the S&P 500 index SPX, +0.25% is up 19.3% for the period.

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