Best Buy Raises Outlook as 2Q Sales Grow

By Kelly Cloonan

Best Buy boosted its full-year outlook prompted by higher second-quarter sales on growth across several key categories.

The latest quarterly results topped the electronic retailer's own forecast as well as Wall Street's expectations, and come as the company prepares to bring in a new chief executive.

The company now forecasts full-year adjusted earnings per share of $6.70 to $6.90, up from its prior guidance of $6.30 to $6.60. Revenue is expected to be $42.3 billion to $42.8 billion, up from $41.2 billion to $42.1 billion previously. The company projects a comparable sales increase of 1.9% to 3%, compared with its prior view of down or up by 1%.

For the current quarter Best Buy forecasts comparable sales of up 1% to 3%, above analysts' projection of a 0.1% uptick.

Best Buy's second-quarter results showed an increase in comparable sales of 4.1%, above analysts' forecast for 1.3% growth. The metric rose across almost all of the company's major product categories, with particular strength in computing and home theater sales.

Sales of newer and emerging categories, like AI glasses and trading cards, also were a bright spot, more than doubling from a year ago.

Best Buy attributed the results to investments made in key areas in recent years, like adding specialty expertise in its stores, partnering more closely with vendors to bring in new products, and improving its fulfillment speed and supply chain execution.

The quarter's strength "reflects both the deliberate actions we have taken to position the business for growth and a healthy demand environment for our category," said Jason Bonfig, who is currently Best Buy's chief customer, product and fulfillment officer.

Bonfig, a longtime Best Buy executive, is set to take the helm in November, succeeding current Chief Executive Corie Barry. The company also has brought in new leadership elsewhere in its C-suite, with former Nordstrom executive Anne Bramman joining as finance chief this month.

Bonfig has outlined a number of plans aimed at propping up Best Buy's business, like new medium- and small-format locations, a broader assortment and a focus on the company's advertising business.

Best Buy's second-quarter profit was $315 million, or $1.48 a share, compared with $186 million, or 87 cents a share, a year earlier.

Adjusted earnings per share were $1.47, topping analyst estimates of $1.39, according to FactSet.

Revenue rose 3.6% to $9.78 billion, above analyst estimates from analysts surveyed by FactSet of $9.59 billion.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

August 27, 2026 07:00 ET (11:00 GMT)