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00:02Best Buy reported better-than-expected fiscal second-quarter results and raised its full-year
00:07outlook as its recovery gained momentum, according to CNBC. The retailer reported
00:14second-quarter adjusted earnings of $1.47 per share and revenue of $9.78 billion,
00:22topping Wall Street expectations of $1.38 and $9.59 billion, respectively.
00:28Net income increased to $315 million from $186 million a year earlier.
00:37Comparable sales rose 4.1% above the company's previous 1% outlook as computing helped drive
00:43growth across major categories. Best Buy said its quarterly gross profit rate included a $34 million
00:49benefit from tariff refunds. Best Buy raised its full-year revenue outlook to between $42.3 billion
00:55and $42.8 billion and now expects comparable sales growth of 1.9% to 3%. The retailer
01:03also raised adjusted earnings guidance to between $6.7 and $6.9 per share.
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