Best Buy Reports Strong Q2 Earnings with Revenue Growth and Raised Full-Year Guidance
Best Buy (BBY) reported second-quarter revenue of $9.78 billion, a 3.6% increase year-over-year, driven by strong performance in computing, home theater, and emerging technology categories. Domestic comparable sales rose 4.5%, while adjusted diluted earnings per share reached $1.47, up 15%. The company raised its full-year revenue guidance to between $42.3 billion and $42.8 billion from a previous range of $41.2 billion to $42.1 billion. Best Buy also increased its adjusted diluted EPS forecast for the year to $6.70–$6.90, up from earlier guidance of $6.30–$6.60. The company cited improved demand in technology innovation and replacement cycles as key drivers behind domestic revenue growth. International sales declined 4.2%, attributed to foreign exchange impacts and a drop in comparable sales. Management noted that computing category growth is expected to slow later this year due to the end of support for Windows 10, but overall momentum remains strong across other product lines.
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