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Best Buy’s BBY+0.16% shares jumped over 14% on Thursday after the retailer posted better-than-expected earnings and strong forecasts. After reaching a new 52-week high, the stock was hovering around $100.
The Minnesota-based company reported adjusted earnings of $1.34 per share on revenue of $9.29 billion for the latest quarter, surpassing analysts’ expectations of $1.16 per share on sales of $9.23 billion. Looking ahead, Best Buy BBY+0.16% has raised its full-year adjusted earnings forecast to a range of $6.10 to $6.35 per share, up from its previous estimate of $5.75 to $6.20.
“We delivered strong results in our domestic tablet and computing categories, which together posted comparable sales growth of 6% vs. last year,” Chief Executive Corie Barry stated in a press release.
Despite beating estimates, the retailer’s same-store sales dropped 2.3%, with total sales down 3.1% year over year. Barry mentioned that the industry is returning to growth, and Best Buy’s strategic positioning is enabling the retailer to capitalize on this upward trend.