Best Buy raised its full-year forecast to reflect its better-than-expected quarterly results.
on Tuesday surpassed Wall Street's expectations for quarterly earnings, as demand for big-ticket consumer electronics held up despite inflation.reiterated its outlook for the holiday quarter. It raised its full-year forecast to reflect the beat, saying it expects comparable sales to decline about 10%.Here's how the retailer did for the three-month period ended Oct. 29Earnings per share:Net income for the fiscal third quarter fell to $277 million, or $1.
Best Buy is staring down a more uncertain sales environment this holiday season. Some inflation-pinched consumers are pulling back on discretionary items and spending more money on necessities and experiences. The company joined other retailers in . It said at the time that it expects same-store sales to drop by about 11% for the 12-month period ending in January.Yet, so far, the company has topped its own expectations.
Comparable sales fell by 10.4%, less of a decline than the 12.9% that analysts expected, according to FactSet. The key metric, also called same-store sales, tracks sales online and at stores open at least 14 months. It was also less of a drop than the retailer anticipated. Best Buy had not given specific guidance for comparable sales in the third-quarter, but its Chief Financial Officer Matt Bilunas had cautioned it would drop more than the 12.1% decline in the second quarter.Shares of Best Buy are down about 30% so far this year, underperforming the S&P 500 Index. Shares closed on Monday at $70.83, down nearly 2%. The company's market value is $15.95 billion.
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