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Best Buy Reports Better Than Expected Q2 Results; Raises Bottom Line Outlook

publication date: Aug 29, 2024
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Image: Best Buy’s shares are bouncing back on an improved earnings outlook. 

Looking to all of fiscal 2025, Best Buy's revenue is now expected in the range of $41.3-$41.9 billion (was $41.3-$42.6 billion) on comparable sales declines of 3% to 1.5%, compared to prior guidance for comparable sales to decline 3% to flat. Management noted that weakness in appliances, home theater and gaming was the main driver for the decline. Though the revised revenue performance wasn’t great news, management increased its non-GAAP diluted earnings per share guidance for fiscal 2025 to the range of $6.10-$6.35, up from prior guidance of $5.75-$6.20. Shares yield 3.7% at the time of this writing.


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