Best Buy Q2 Beats Estimates, Raises Full-Year Guidance

Best Buy reported better-than-expected second-quarter results on Thursday and raised its full-year outlook.

Best Buy reported adjusted earnings per share of $1.47, beating the consensus estimate of $1.38. Sales rose 3.6% year over year to $9.78 billion, also beating the expected $9.59 billion.

Best Buy raised its fiscal 2027 adjusted EPS guidance to $6.70-$6.90, up from the previous $6.30-$6.60. The revised range is also above the $6.58 consensus estimate. The company raised its sales forecast to $41.2-$42.1 billion from the previous $41.2-$42.1 billion. Analysts had expected sales of $42.06 billion.

Best Buy CEO Corie Barry said: "We are very pleased to report that second-quarter results exceeded expectations, with comparable sales up 4.1% and adjusted operating margin above expectations. We delivered growth across nearly all major product categories, and our Best Buy Ads and marketplace platforms continued to perform strongly."

Best Buy shares fell 1.7% on Friday to close at $82.17.

Following the earnings release, these analysts adjusted their price targets on Best Buy.

Goldman Sachs analyst Kate McShane maintained a Sell rating on the stock and raised the price target from $62 to $71.

Guggenheim analyst Steven Forbes maintained a Buy rating on the stock and raised the price target from $90 to $95.

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