Shares of Best Buy rose 2.8 percent to $64.20 before the bell
after the retailer also raised its annual revenue forecast.
Best Buy's sales at established stores rose 5.4 percent in the
second quarter ended July 29, besting analysts' average
expectation for a 2.1 percent increase, according to Consensus
Best Buy's U.S. online comparable sales surged about 31 percent,
compared to a year-earlier growth rate of 23.7 percent, as
faster shipping and improvements to its checkout process and
search functionality drew more shoppers.
The company said it now expects full-year revenue to rise about
4 percent, compared to an earlier forecast of a 2.5 percent
Net income attributable to Best Buy rose to $209 million, or 67
cents per share in the second quarter, from $198 million, or 61
cents per share, a year earlier.
Excluding one-time items, Best Buy earned 69 cents per share,
beating analysts' estimates of 63 cents, according to Thomson
Richfield, Minnesota-based Best Buy's net sales climbed 4.8
percent to $8.94 billion. Analysts had expected $8.66 billion.
(Reporting by Vibhuti Sharma in Bengaluru; Editing by Sai Sachin
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