Best Buy Co Inc (NYSE:BBY) raised its full-year forecast on Tuesday after stronger demand for new consumer electronics helped the retailer post quarterly revenue and profit ahead of Wall Street expectations.
The company reported non-GAAP earnings of $1.40 per share, beating estimates by $0.09, while revenue rose 2.3% from a year earlier to $9.67 billion, surpassing analysts’ forecasts by about $80 million.
Following the better-than-expected third-quarter performance, Best Buy now expects fiscal 2026 revenue of $41.65 billion to $41.95 billion, compared with its prior view of $41.1 billion to $41.9 billion. It forecast adjusted earnings of $6.25 to $6.35 per share, up from a previous range of $6.15 to $6.30. Comparable sales are now projected to rise 0.5% to 1.2%.
Best Buy also said it expects an adjusted operating income rate of about 4.2%, a tax rate of 25.4%, and capital expenditures of roughly $700 million for the year.
Shares were up 1.2% in premarket trading.
“We are pleased to report better-than-expected sales and adjusted operating income rate for the third quarter,” CEO Corie Barry said. “Our comparable sales grew 2.7% as we continued to drive strong results across computing, gaming and mobile phones.”
Barry added that the retailer is “flexing the unique strength of our model as customers need to upgrade or replace their consumer electronics,” noting improved online and in-store performance heading into the holiday season.