Best Buy posted better-than-expected Q3 results and raised its outlook for the full year, but its holiday sales forecasts remain dim, according to a press release by Best Buy on Tuesday.

  • The electronics retailer posted third-quarter revenue of $11.91 billion with earnings per share of $2 per share and $2.08 per share non-GAAP.
  • Same-store sales for the quarter expanded 2% in the United States and 1.6% overall. Those gains were on top of US same-store sales profits of 22.6% in the same quarter last year.
  • Wall Street was seeking third-quarter non-GAAP earnings of $1.91 per share on revenue of $11.58 billion.
  • Corie Barry, Best Buy CEO stated that the company’s strategy is to leverage its store and digital framework in boosting the company.
  • Barry further stated that phone, chat and in-home sales continue to grow. In Q3, Best Buy expanded to reach its fastest small package online shipping periods.

US online revenue in Q3 dropped 10.1% to $3.44 billion from a year ago as consumers preferred brick-and-mortar channels. BBY down -12.34%, Pre-market trading