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Best Buy Clocks Highest Comp Sales Growth In 3 Years, Holds On To Annual Forecast Despite Tariff Uncertainty

Benzinga
Aug 28

Best Buy Co Inc (NYSE:BBY) reported second-quarter 2026 adjusted earnings of $1.28 per share on Thursday, beating the consensus of $1.21.

Sales increased slightly by 1.6% year over year to $9.44 billion, beating the consensus of $9.24 billion.

“The sales growth resulted in a better-than-expected Q2 adjusted operating income rate,” said Matt Bilunas, Best Buy CFO. “Our SG&A expense was as expected, and we saw some gross profit rate mix pressure from the strong growth in gaming and computing.”

Best Buy’s second-quarter comparable sales increased 1.6%. “We delivered comparable sales growth of 1.6% in the second quarter, our highest growth in three years,” said Corie Barry, Best Buy CEO.

Also Read: Why Best Buy’s Appliance Sales Can’t Keep Up With Rivals

Domestic revenue of $8.70 billion increased 0.9% versus last year, primarily driven by comparable sales growth of 1.1%.

Gaming, computing, and mobile phones were the largest drivers of the comparable sales increase on a weighted basis. Declines in home theater, appliances, tablets, and drones partially offset these drivers.

Domestic online revenue of $2.86 billion increased 5.1% on a comparable basis.

Outlook

Best Buy reaffirmed fiscal 2026 adjusted earnings per share guidance of $6.15-$6.30 versus consensus of $6.17.

The company sees sales of $41.10 billion-$41.90 billion versus the consensus of $41.41 billion.

The company expects the 2026 comparable sales growth range of 1.0% decline to 1.0% growth.

“For Q3, we expect comparable sales growth to be similar to what we just delivered in Q2 and the adjusted operating income rate to be similar to last year’s Q3 3.7% rate,” continued Bilunas.

“Given the uncertainty of potential tariff impacts in the back half, both on consumers overall as well as our business, we feel it is prudent to maintain the annual guidance we provided last quarter. At this point, we do believe we are trending toward the higher end of our sales range,” Bilunas said on Thursday.

Price Action: At the last check on Thursday, BBY stock was up 2.51% at $77.34 during the premarket session.

Read Next:

  • Holiday Shoppers To Brace For Higher Prices, Fewer Choices And Thinner Discounts As Trump’s Tariffs Ripple Across US Retail Sector: Report

Photo via Shutterstock

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