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The
company's shares jumped more than 15 percent to $37.88 in
premarket trading on Tuesday.
The largest U.S. consumer electronics retailer also forecast
revenue of $8.8 billion-$8.9 billion and a profit of 43-47 cents
per share for the third quarter.
Analysts on average were expecting revenue of $8.77 billion and
a profit of 45 cents per share, according to Thomson Reuters
I/B/E/S.
"We continue to expect the slight revenue decline in the first
half to be offset by slight growth in the back half," Chief
Financial Officer Corie Barry said in a statement.
Total revenue slightly rose to $8.53 billion in the second
quarter ended July 30, snapping a three-quarter streak of
declines.
Sales at established stores rose 0.8 percent. Analysts on
average had expected a 0.60 percent fall, according to research
firm Consensus Metrix.
Best Buy said net income rose to $198 million, or 61 cents per
share, in the quarter, from $164 million, or 46 cents per share,
a year earlier.
Excluding items, the company earned 57 cents per share.
Analysts on average had expected revenue of $8.40 billion and a
profit of 43 cents per share.
(Reporting by Subrat Patnaik in Bengaluru; Editing by Martina
D'Couto and Don Sebastian)
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