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Best Buy (BBY) Shares Gain On Solid Earnings Report

Updated: 24 Aug 2021

Best Buy (NYSE: BBY) reported positive growth for its second quarter on Tuesday, causing its share price to climb 4.33% higher.

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The consumer electronics retailer saw revenue grow to $11.01bn, a 20.6% increase compared to the previous year. The company’s sales growth of 20.8% was primarily due to store closures during 2020.

Best Buy also raised its outlook for FY22, expecting revenue between $51bn-$52bn for the year. The firm also expects sales growth of 9%-11% compared to the prior outlook of 3%-6%. As a result, Q3 revenue is predicted between $11.4bn to $11.6bn.

“Customer demand for technology products and services during the quarter remained very strong. Customers continued to leverage technology to meet their needs,” said Corie Barry, CEO of Best Buy.

“Over the longer term, we are fundamentally in a stronger position than we expected just two years ago,” Barry added.

Earnings Per Share reached $2.98 despite expectations of $1.85, causing its share price to gain 4.33% to $117 premarket.

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