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Best Buy Shares Up 5% On Strong Q2 Profit, Outlook

Shares of electronic retailer Best Buy Co., Inc. (BBY) are up 5 percent on Tuesday's trading as the company posted second-quarter earnings, which beat the Street expectations.

In the three-month period, the company posted net income of $734 million or $2.90 per share, up from $432 million or $1.65 per share last year.

Excluding certain items, earnings per share rose 47 percent to $2.98 from $1.71 a year ago. On average, 21 analysts polled by Thomson Reuters expected the company to report earnings of $1.85 per share for the quarter. Analysts' estimates, typically, exclude special items.

Second-quarter revenue increased to $11.85 billion from $9.91 billion last year. Analysts expected revenue of $11.49 billion for the quarter.

For fiscal 2022, the company now expects enterprise comparable sales growth of 9-11 percent, revised from the prior outlook of 3-6 percent growth.

Currently at $118.64, the stock has traded between $95.93 and $128.57 during the past 52 weeks.

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