Electronics retailer Best Buy 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.
Shares of the company were up 2.5 per cent 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 per cent to 1.2 per cent, compared with its prior expectation of one per cent drop to one per cent rise.
It forecasts adjusted profit-per-share of US$6.25 to $6.35, compared with its prior target of $6.15 to $6.30.
Comparable sales for the three months ended Nov. 1 jumped 2.7 per cent, compared with analysts’ average expectations of a 1.62 per cent rise according to data compiled by LSEG.
(Reporting by Savyata Mishra in Bengaluru; Editing by Krishna Chandra Eluri)
