Best Buy beats forecasts, raises FY guidance
US electronics retailer Best Buy raised its full-year earnings guidance on Tuesday morning as its quarterly figures came in ahead of analysts' expectations.
Over the three months ended 2 November, Best Buy saw net income grow 5.78% to $293.0m. On an adjusted basis, Best Buy recorded earnings of $1.13 per share - well ahead of the $1.03 per share expected by analysts.
Revenues ticked ahead 0.62% to $9.76bn as same-store sales rose 1.7% year-on-year.
Chief executive Corie Barry said: "Our teams delivered another strong quarter of top- and bottom-line growth.
"We are delivering on our purpose to enrich lives through technology by providing customers the products and solutions they want and need, combined with fast and convenient fulfilment."
As a result of the strong quarter, Best Buy raised its full-year forecast for adjusted earnings to $5.81 to $5.91 per share from its prior estimate of $5.60 to $5.75.
Barry added that Best Buy's updated guidance continued to include "our best estimate of the impact of tariffs on goods from China."
As of 1350 GMT, Best Buy shares were up 4.11% in pre-market trading at $77.30 each.