Best Buy same-store sales jump 5.8% as pandemic boosts need for new electronics

Shares of the company were down about 2% in premarket trading.

Here’s what the company did in the fiscal second quarter ended Aug. 1:

• Earnings per share: $1.71, adjusted, vs. $1.08 expected by Refinitiv’s consensus estimates
• Revenue: $9.91 billion vs. $9.71 billion expected by Refinitiv estimates
• Same-store sales growth: 5.8% vs. 2.3% expected, according to FactSet

The national retailer reported second-quarter net income of $432 million, or $1.65 per share, a significant increase from $238 million, or 89 cents per share, a year earlier.

Excluding items, it earned $1.71 per share, higher than the $1.08 per share expected by analysts surveyed by Refinitiv.

Revenue was $9.91 billion, up from $9.54 billion a year earlier. 

Sales at stores open at least a year grew by 5.8%, higher than the 2.3% that Wall Street expected.