Best Buy raises annual sales forecast on steady holiday demand
Electronics retailer Best Buy (BBY.N), opens new tab raised its annual sales and profit forecast on Tuesday, banking on strong holiday demand as shoppers seize steep discounts to upgrade their laptops, smartphones and other household electronics, News.Az reports citing Reuters.
Shares of the company were up 2.5% in premarket trading as it also beat comparable sales estimates for the third quarter.
Computing and tablets, which make up about a third of sales at the Best Buy, are seeing strong growth as consumers adopt new technology and replace aging devices bought during the pandemic.
The retailer has also witnessed a boost from strong gaming demand, led by Nintendo's Switch 2 launch earlier this year.
The company now expects comparable sales for fiscal year 2026 to rise in the range of 0.5% to 1.2%, compared with its prior expectation of 1% drop to 1% rise.
It forecasts adjusted profit-per-share of $6.25 to $6.35, compared with its prior target of $6.15 to $6.30.
Comparable sales for the three months ended November 1 jumped 2.7%, compared with analysts' average expectations of a 1.62% rise according to data compiled by LSEG.
Similar news
