A sign with the Best Buy logo is seen in Chicago, Illinois, United States, on July 29, 2026. Marcin Golba | Nurfoto | Getty ImagesBest Buy 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. The consumer electronics retailer said it saw comparable sales growth of 4.1% during the second quarter, compared to its previous outlook of just 1%, and saw a “better-than-expected” adjusted operating income rate. Best Buy said it drove growth in all of its core categories, and an increase in computing contributed to that strength. Best Buy also raised its financial guidance for the full fiscal year due to what incoming CEO Jason Bonfig called its “strong first half performance.” The company now expects revenue of between $42.3 billion and $42.8 billion, compared with previous forecasts of a range of $41.2 billion to $42.1 billion. It also anticipates comparable sales will increase between 1.9% and 3%, compared to previous expectations of between a 1% decrease and a 1% increase. Best Buy said it now expects adjusted earnings per share for the year to be between $6.70 and $6.90, compared to previous guidance of between $6.30 and $6.60 per share. The company also said its gross profit rate for the quarter included a $34 million benefit from fee refunds. Here’s how the company performed in its fiscal second quarter compared to what Wall Street expected, according to a survey of analysts by LSEG: Earnings per share: $1.47 adjusted vs. $1.38 expected Revenue: $9.78 billion vs. $9.59 billion expected 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 reported adjusted earnings of $1.47 per share. The earnings marked the last reporting quarter under current CEO Corie Barry. Bonfig will take the reins of the company on Nov. 1, a leadership change that was part of a broader strategy to accelerate Best Buy’s business. “The strength of our second quarter 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 a statement. The company reiterated that customers continue to spend, although they are still focused on value and sales. The consumer electronics retailer has also been hit by tariffs and the rising price of memory chips. Best Buy said Thursday that it continues to address those challenges across the industry and sees customers shopping with specific needs and budgets. Best Buy has seen a drop in sales after reporting declining foot traffic and lower consumer confidence in recent quarters. Bonfig previously told CNBC that he is confident in his ability to upgrade the company and its products and improve the customer experience. Part of that strategy has been to open smaller-format stores in an effort to expand Best Buy’s presence in areas that can’t support a full-size location. Bonfig also said it plans to leverage artificial intelligence to improve the in-store experience and corporate processes. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
