A Best Buy logo sign is seen in Chicago, Illinois, United States, on July 29, 2026. <\/p>\n
Marcin Golba | Nurphoto | Getty Images<\/p>\n
Best Buy<\/a> on Thursday reported better-than-expected fiscal second-quarter results and raised its full-year outlook as the company’s recovery showed more signs of taking hold. <\/p>\n The consumer electronics retailer said it saw comparable sales growth of 4.1% during the second quarter, compared with its previous outlook of just 1%, and saw a “higher-than-expected” adjusted operating income rate. Best Buy said it drove growth across all of its major categories, with a surge in computing contributing to that strength.<\/p>\n Best Buy also raised its full fiscal-year financial guidance due to what incoming CEO Jason Bonfig called in the release its “strong first half performance.” The company now expects revenue of between $42.3 billion and $42.8 billion, compared with prior guidance of a range between $41.2 billion to $42.1 billion. It also anticipates comparable sales will climb 1.9% to 3%, compared with prior expectations of between a decline of 1% and increase of 1%.<\/p>\n Best Buy said it now expects adjusted earnings per share for the year to be between $6.70 and $6.90, compared with prior guidance of between $6.30 and $6.60 per share. <\/p>\n The company also said its gross profit rate for the quarter included a $34 million benefit from tariff refunds.<\/p>\n Still, shares of the company sank roughly 7% in premarket trading Thursday.<\/p>\n Here’s how the company performed in its fiscal second quarter compared with what Wall Street was expecting, according to a survey of analysts by LSEG:<\/p>\n Earnings per share: $1.47 adjusted vs. $1.38 expectedRevenue: $9.78 billion vs. $9.59 billion expected<\/p>\n For the quarter ended Aug. 1, Best Buy reported net income of $315 million, or $1.48 per share, compared with $186 million, or 87 cents per share, a year earlier. Adjusting for one-time items, Best Buy posted adjusted earnings of $1.47 per share. <\/p>\n Revenue rose 3.6% from $9.44 billion in the year-ago period.<\/p>\n The earnings marked the last quarter of reporting under current CEO Corie Barry. Bonfig will take over the reins of the company on Nov. 1, a leadership change that was part of a broader strategy to accelerate Best Buy’s business. <\/p>\n “The strength of our Q2 results reflects both the deliberate actions we have taken to position the business for growth and a healthy demand environment for our category,” Bonfig said in the release.<\/p>\n The company reiterated that customers continue to spend, though they are still focused on value and sales.<\/p>\n The consumer electronics retailer has also been hit by tariffs<\/a> and the soaring price of memory chips<\/a>. Best Buy said Thursday that it’s continuing to navigate those industrywide challenges and sees customers shopping with specific needs and budgets.<\/p>\n Best Buy has been in a sales slump after it reported declining foot traffic and lower consumer confidence in recent quarters. Bonfig previously told CNBC<\/a> he’s confident in his abilities to refresh the company and its products and enhance the customer experience.<\/p>\n Part of that strategy has been opening smaller format stores in an effort to expand Best Buy’s presence in areas that can’t sustain a full-sized location. Bonfig also said he plans to leverage artificial intelligence to improve the store experience and corporate processes.<\/p>\n