Best Buy shares jump on earnings beat

August 25, 2021
Best Buy shares jump on earnings beat

One of the largest technology products retailers impressed markets with its quarterly figures

Best Buy reported fiscal Q2 2022 adjusted earnings per share of $2.98 on revenues of $11.85 billion earlier today. Both figures came ahead of an EPS of $1.85 on revenues of $11.49 billion consensus. The retailer’s sales were up nearly 20% as consumers upgraded devices and equipment and embraced habits formed over a year ago (from hybrid work to streaming TV shows). According to CEO Corie Barry, “there has been a dramatic and structural increase in the need for technology.”

For the second half of fiscal 2022, Best Buy expects the same-store sales to range from flat to down 3% compared to the year-ago numbers.

Following the news, Best Buy was up 4%. As of the latest close, Best Buy stock price is up 12% since the beginning of the year.


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