Net income increased to $499 million, or $2.00 per share corresponding to $391 million, or $1.48 per share in the same quarter in the previous quarter.
However, analysts are worried that Best Buy may see sales weaken as consumers are shifting their priorities to other areas like travel and entertainment. This would lead to the retailer offering more promotions on laptops, smartphones and others despite supply chain-related costs remaining high.
The company raised its forecast, it sees its fourth-quarter revenue to come in the range of $16.4 -$16.9 billion. For the full year, it anticipates revenue to attract $51.8-$52.3 billion against the prior outlook of $51 billion to $52 billion. It sees same-store sales growth of 10.5% to 11.5% for the year. “Sesn Stock News”
“We are looking forward to a strong holiday season and believe we are extremely well-positioned with both the tech customers want and fast and convenient ways to get it,” said Matt Bilunas, Best Buy CFO. “We are committed to driving initiatives that will deliver future growth and our Q4 outlook reflects continued investments in our new membership program, technology, advertising and our health strategy.”