Best Buy (BBY) Q2 2024

Best Buy on Tuesday surpassed Wall Street’s quarterly sales expectations, but tempered expectations for the rest of the year as it feels the lull of post-pandemic spending on home appliances, computer monitors and other electronics.

Here’s how the company did for the fiscal second quarter, compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

• Earnings per share: $1.22 adjusted vs. $1.06 expected
• Revenue: $9.58 billion vs. $9.52 billion expected

Best Buy’s net income for the three-month period that ended July 29 fell to $274 million, or $1.25 per share, from $306 million, or $1.35 per share, a year earlier.

Net sales in the quarter dropped from $10.33 billion in the year-ago period.

The retailer narrowed its full-year outlook. It said it now expects revenue to range from $43.8 billion to $44.5 billion. It had previously anticipated between $43.8 billion to $45.2 billion. For comparable sales, it expects a decline of 4.5% to 6% instead of its prior guidance of between 3% to 6%.

It slightly raised its profit expectations, however. It said it expects adjusted earnings per share of $6 to $6.40 instead of prior guidance of $5.70 to $6.50

Shares of Best Buy closed on Monday at $74.07, bringing the company’s market value to $16.16 billion. So far this year, the company’s stock is down nearly 8%. That contrasts with the S&P 500’s approximately 15% gains during the same period.

This is a developing story. Please check back for updates.