- BBY +1.66% NTDOF +0.89%
Best Buy (BBY) posted third quarter results that beat Wall Street estimates and raised its full-year outlook on Tuesday, setting the stage for the retailer as it heads into the crucial holiday shopping season.
The retail chain reported same-store sales rose 2.7% in the third quarter, ahead of the 1.6% expected by analysts, according to Bloomberg data. Adjusted earnings per share came in at $1.40, ahead of the $1.30 expected, on revenue of $9.67 billion, more than the $9.58 billion analysts were looking for.
Best Buy said Tuesday it expects same-store sales for the full year to grow in the 0.5%-1.2% range, up from the previously expected range of a 1% decline to a 1% increase.
"The consumer is not a monolith, but generally what...we're seeing remains a generally resilient consumer," CEO Corie Barry told Yahoo Finance on a call with media.
Best Buy stock rose nearly 3% in early trading on Tuesday.
NYSE - Delayed Quote • USD (BBY) Follow View Quote Details 80.98 +1.32 +(1.66%) At close: November 26 at 4:00:02 PM EST BBY ^GSPC Advanced ChartIts US same-store sales rose 2.4%, while online same-store sales rose 3.5%, and international same-store sales jumped 6.3%. All three were an improvement from last year, when sales fell across the board.
Strong results across computing, gaming and mobile phones boosted results, with the company expecting "huge demand" for Nintendo's Switch 2 continuing.
Best Buy also forecast revenue in the range of $41.65 billion to $41.95 billion, up from the previous range of $41.1 billion to $41.9 billion. Meanwhile, its adjusted earnings per share are expected to come in between $6.25 and $6.35, higher than the previous range of $6.15 to $6.30.
CFO Matt Bilunas said in the release, "We are raising our full year forecast to reflect the strong Q3 results and our current outlook for Q4."
For the fourth quarter, the company expects same-store sales growth in the range of a 1% decline to a 1% increase, and for adjusted operating income rate to fall in a range of 4.8%-4.9%.
Logo of Best Buy displayed outside a Best Buy store in Edmonton, Alberta, Canada, on July 23, 2025. (Photo by Artur Widak/NurPhoto via Getty Images) · NurPhoto via Getty Images These results come as retailers that are leaning into value and low prices have reported strong results and are being rewarded by investors as a K-shaped economy pushes consumer sentiment to near-record lows.
Barry said that in partnership with some of its economists, Best Buy found top 40% of incomes are driving two-thirds of consumption right now, up about 10 percentage points from five years ago.
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Brooke DiPalma is a reporter for Yahoo Finance. Follow her on X at @BrookeDiPalma or email her at [email protected].
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