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Business Briefing / Earnings

Best Buy raises full-year outlook

September 16, 2009|Times Wire Reports

Best Buy Co. said second-quarter earnings fell below expectations but raised its profit and sales guidance for the year as the company said it gained market share.

Profit fell 22% to $158 million, or 37 cents a share, from $202 million, or 48 cents, a year earlier. Revenue rose 12% to $11 billion, boosted by gains from adding Best Buy Europe's revenue and the addition of 170 new stores in the last year.

The electronics retailer raised its guidance for the year. It now expects earnings of $2.70 to $3 per share for the year, up from between $2.50 and $2.90.

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